Strs Ohio decreased its position in Bank of America Corp (NYSE:BAC) by 1.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,401,658 shares of the financial services provider’s stock after selling 152,302 shares during the quarter. Bank of America accounts for approximately 0.9% of Strs Ohio’s portfolio, making the stock its 15th largest position. Strs Ohio owned about 0.08% of Bank of America worth $212,898,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Gateway Advisory LLC grew its stake in shares of Bank of America by 0.4% in the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 45 shares in the last quarter. Arbor Investment Advisors LLC grew its stake in shares of Bank of America by 0.3% during the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 46 shares in the last quarter. Lbmc Investment Advisors LLC grew its stake in shares of Bank of America by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 51 shares in the last quarter. TCI Wealth Advisors Inc. grew its stake in shares of Bank of America by 0.4% during the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 54 shares in the last quarter. Finally, Altavista Wealth Management Inc. grew its stake in shares of Bank of America by 0.7% during the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after purchasing an additional 68 shares in the last quarter. 68.42% of the stock is currently owned by institutional investors.

Bank of America Corp (NYSE:BAC) opened at $29.48 on Thursday. 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 Corp has a 12 month low of $21.77 and a 12 month high of $29.84. The stock has a market cap of $307,181.47, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 2.05 and a beta of 1.31.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Bank of America’s revenue for the quarter was up 2.1% on a year-over-year basis. equities research analysts forecast that Bank of America Corp will post 1.8 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.63%. Bank of America’s payout ratio is 27.43%.

A number of equities analysts recently commented on BAC shares. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price for the company in a research note on Monday, October 16th. Deutsche Bank reiterated a “hold” rating and set a $25.00 target price (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research note on Thursday, December 14th. Wells Fargo & Company set a $35.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research note on Wednesday. Finally, BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $26.72.

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Bank of America Company Profile

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.

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

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