Brandes Investment Partners LP trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 15.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,743,335 shares of the financial services provider’s stock after selling 1,231,557 shares during the quarter. Bank of America Corporation makes up approximately 2.6% of Brandes Investment Partners LP’s holdings, making the stock its 7th largest position. Brandes Investment Partners LP owned 0.06% of Bank of America Corporation worth $163,593,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Northwest Investment Counselors LLC bought a new stake in Bank of America Corporation during the 2nd quarter valued at approximately $100,000. Armbruster Capital Management Inc. boosted its position in Bank of America Corporation by 10.8% during the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 423 shares in the last quarter. Chicago Partners Investment Group LLC boosted its position in Bank of America Corporation by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 450 shares in the last quarter. Tarbox Family Office Inc. boosted its position in Bank of America Corporation by 0.4% during the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 21 shares in the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in Bank of America Corporation by 47.1% during the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after acquiring an additional 1,850 shares in the last quarter. 62.19% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have recently commented on BAC shares. Vetr cut Bank of America Corporation from a “hold” rating to a “sell” rating and set a $26.67 price target on the stock. in a research report on Monday, November 6th. J P Morgan Chase & Co boosted their price target on Bank of America Corporation from $27.50 to $28.50 and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. BidaskClub raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. Citigroup Inc. reissued a “neutral” rating and issued a $27.00 price target (up from $25.00) on shares of Bank of America Corporation in a research report on Monday, October 9th. Finally, Zacks Investment Research cut Bank of America Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $25.82.

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Shares of Bank of America Corporation (NYSE BAC) opened at $26.51 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The stock has a market cap of $276,515.47, a PE ratio of 15.15, a PEG ratio of 1.84 and a beta of 1.31. Bank of America Corporation has a 1 year low of $18.63 and a 1 year high of $27.98.

Bank of America Corporation (NYSE:BAC) last announced its earnings results 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. The firm had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 EPS. sell-side analysts anticipate that Bank of America Corporation will post 1.8 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio (DPR) is currently 27.43%.

About Bank of America Corporation

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 Corporation (NYSE:BAC)

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