Bank of America Corporation (NYSE:BAC) Position Cut by Pennant Capital Management LLC
Pennant Capital Management LLC decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 17.0% during the first quarter, Holdings Channel reports. The firm owned 2,690,500 shares of the financial services provider’s stock after selling 551,400 shares during the period. Bank of America Corporation comprises approximately 3.0% of Pennant Capital Management LLC’s portfolio, making the stock its 14th largest position. Pennant Capital Management LLC’s holdings in Bank of America Corporation were worth $63,469,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Macquarie Group Ltd. increased its stake in shares of Bank of America Corporation by 351.7% in the fourth quarter. Macquarie Group Ltd. now owns 1,714,914 shares of the financial services provider’s stock valued at $37,900,000 after buying an additional 1,335,275 shares during the period. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Bank of America Corporation during the fourth quarter worth about $7,230,000. Kentucky Retirement Systems bought a new stake in shares of Bank of America Corporation during the fourth quarter worth about $16,205,000. Teachers Advisors LLC increased its stake in shares of Bank of America Corporation by 12.3% in the fourth quarter. Teachers Advisors LLC now owns 31,279,206 shares of the financial services provider’s stock worth $691,270,000 after buying an additional 3,414,898 shares during the last quarter. Finally, Pegasus Partners Ltd. bought a new stake in shares of Bank of America Corporation during the fourth quarter worth about $631,000. 66.42% of the stock is currently owned by institutional investors.
Bank of America Corporation (NYSE BAC) traded down 1.08% on Friday, hitting $23.86. 68,157,429 shares of the company were exchanged. The stock’s 50-day moving average price is $24.25 and its 200-day moving average price is $23.78. The stock has a market capitalization of $250.92 billion, a P/E ratio of 14.21 and a beta of 1.27. Bank of America Corporation has a 52-week low of $14.81 and a 52-week high of $25.80.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same period in the prior year, the company earned $0.41 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.
Bank of America Corporation declared that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a $0.12 dividend. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is currently 17.86%.
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A number of brokerages have recently issued reports on BAC. Jefferies Group LLC reaffirmed a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a report on Friday. Wells Fargo & Company began coverage on shares of Bank of America Corporation in a report on Wednesday. They set an “outperform” rating and a $30.00 price target on the stock. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Instinet reaffirmed a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a report on Saturday, July 22nd. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $30.00 price target (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $23.94.
In related news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is currently owned by corporate insiders.
Bank of America Corporation 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.
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