Bessemer Group Inc. cut its stake in shares of Bank of America Corp (NYSE:BAC) by 89.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,025 shares of the financial services provider’s stock after selling 993,239 shares during the period. Bessemer Group Inc.’s holdings in Bank of America were worth $3,041,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BAC. Vanguard Group Inc. increased its position in shares of Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the last quarter. Korea Investment CORP increased its position in shares of Bank of America by 0.5% during the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after purchasing an additional 390,771 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Bank of America by 1.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares during the last quarter. Legal & General Group Plc increased its position in shares of Bank of America by 2.0% during the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after purchasing an additional 1,007,405 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares during the last quarter. Institutional investors and hedge funds own 68.43% of the company’s stock.

Shares of Bank of America Corp (NYSE:BAC) opened at $30.27 on Wednesday. Bank of America Corp has a twelve month low of $22.01 and a twelve month high of $30.54. The firm has a market capitalization of $315,730.00, a PE ratio of 17.60, a P/E/G ratio of 1.71 and a beta of 1.32. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. During the same quarter last year, the firm posted $0.41 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. analysts forecast that Bank of America Corp will post 1.79 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Thursday, November 30th. Bank of America’s payout ratio is presently 27.91%.

Bank of America declared that its board has authorized a share buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

BAC has been the subject of several research analyst reports. BidaskClub lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Vetr lowered Bank of America from a “strong-buy” rating to a “hold” rating and set a $24.86 target price for the company. in a research report on Wednesday, September 13th. Deutsche Bank reaffirmed a “hold” rating and set a $25.00 target price (up from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. Robert W. Baird reaffirmed a “hold” rating and set a $24.00 target price on shares of Bank of America in a research report on Sunday, October 1st. Finally, Citigroup reaffirmed a “neutral” rating and set a $27.00 target price (up from $25.00) on shares of Bank of America in a research report on Monday, October 9th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $27.56.

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About Bank of America

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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