Bank of America (BAC) Stake Decreased by Afam Capital Inc.

Afam Capital Inc. cut its stake in shares of Bank of America (NYSE:BAC) by 2.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 269,250 shares of the financial services provider’s stock after selling 6,198 shares during the quarter. Afam Capital Inc.’s holdings in Bank of America were worth $8,075,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of BAC. Bank of New York Mellon Corp grew its stake in Bank of America by 5.8% in the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock valued at $3,086,572,000 after acquiring an additional 5,720,403 shares during the last quarter. UBS Asset Management Americas Inc. grew its stake in Bank of America by 3.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 39,813,205 shares of the financial services provider’s stock valued at $1,175,286,000 after acquiring an additional 1,403,412 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in Bank of America by 0.7% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 34,514,599 shares of the financial services provider’s stock valued at $1,035,093,000 after acquiring an additional 247,700 shares during the last quarter. Sanders Capital LLC grew its stake in Bank of America by 1.8% in the 4th quarter. Sanders Capital LLC now owns 30,422,232 shares of the financial services provider’s stock valued at $984,107,000 after acquiring an additional 534,000 shares during the last quarter. Finally, LSV Asset Management grew its stake in Bank of America by 0.7% in the 1st quarter. LSV Asset Management now owns 29,892,545 shares of the financial services provider’s stock valued at $896,477,000 after acquiring an additional 221,600 shares during the last quarter. 67.22% of the stock is currently owned by institutional investors and hedge funds.

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A number of equities research analysts recently commented on the stock. Jefferies Group reissued a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a research note on Tuesday, April 17th. Vetr cut shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 price objective on the stock. in a research note on Tuesday, April 17th. ValuEngine lowered shares of Bank of America from a “buy” rating to a “hold” rating in a report on Wednesday, April 18th. Vining Sparks started coverage on shares of Bank of America in a report on Monday, April 16th. They issued a “buy” rating and a $35.00 target price on the stock. Finally, Citigroup upped their target price on shares of Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, April 24th. Nine equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Bank of America presently has an average rating of “Buy” and a consensus target price of $32.13.

Bank of America opened at $30.16 on Monday, MarketBeat Ratings reports. The stock has a market capitalization of $308.95 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.48 and a beta of 1.37. Bank of America has a 12-month low of $22.07 and a 12-month high of $33.05. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.03. The business had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.04 billion. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The company’s revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 EPS. analysts forecast that Bank of America will post 2.54 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 1st will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $0.48 annualized dividend and a dividend yield of 1.59%. Bank of America’s payout ratio is currently 26.23%.

Bank of America 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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