Channing Global Advisors LLC Sells 6,381 Shares of Bank of America Corporation $BAC

Channing Global Advisors LLC decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 10.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 53,595 shares of the financial services provider’s stock after selling 6,381 shares during the period. Bank of America accounts for about 1.6% of Channing Global Advisors LLC’s portfolio, making the stock its 17th largest holding. Channing Global Advisors LLC’s holdings in Bank of America were worth $2,536,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of Bank of America by 0.3% in the second quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock valued at $6,982,863,000 after purchasing an additional 403,652 shares during the last quarter. Norges Bank bought a new stake in Bank of America in the 2nd quarter valued at $5,091,641,000. Deutsche Bank AG boosted its stake in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Amundi grew its holdings in Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after buying an additional 1,413,313 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after buying an additional 188,638 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $53.70 on Friday. The business has a fifty day simple moving average of $51.90 and a 200 day simple moving average of $48.80. The company has a market cap of $392.11 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.81 earnings per share. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

Analyst Ratings Changes

Several equities analysts recently commented on BAC shares. Royal Bank Of Canada restated an “outperform” rating on shares of Bank of America in a research note on Thursday, November 6th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Daiwa Capital Markets raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Wolfe Research boosted their price target on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $57.77.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.