Clarius Group LLC lessened its position in shares of Bank of America Corp (NYSE:BAC) by 50.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,014 shares of the financial services provider’s stock after selling 16,047 shares during the quarter. Clarius Group LLC’s holdings in Bank of America were worth $406,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares during the period. Korea Investment CORP grew its position in Bank of America by 0.5% during the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after buying an additional 390,771 shares during the period. TIAA CREF Investment Management LLC grew its position in Bank of America by 1.7% during the second 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 buying an additional 1,079,788 shares during the period. Legal & General Group Plc grew its position in Bank of America by 2.0% during the second 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 buying an additional 1,007,405 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Bank of America by 27.8% during the second 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 buying an additional 9,612,342 shares during the period. Institutional investors own 68.46% of the company’s stock.

Several analysts recently commented on BAC shares. JPMorgan Chase & Co. raised their price target on shares of Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. Royal Bank of Canada restated a “buy” rating and set a $30.00 price target on shares of Bank of America in a research report on Friday, December 8th. Credit Suisse Group upgraded shares of Bank of America to an “outperform” rating and raised their price target for the company from $32.00 to $35.00 in a research report on Thursday, January 4th. Morgan Stanley restated an “overweight” rating and set a $30.00 price target (up previously from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research report on Thursday, December 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $29.58.

Shares of Bank of America Corp (BAC) opened at $31.18 on Thursday. The stock has a market cap of $325,230.00, a PE ratio of 18.13, a PEG ratio of 1.70 and a beta of 1.32. Bank of America Corp has a 52-week low of $22.07 and a 52-week high of $31.79. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The firm had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 earnings per share. sell-side analysts forecast that Bank of America Corp will post 1.79 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were given a dividend of $0.12 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. Bank of America’s payout ratio is presently 27.91%.

Bank of America declared that its board has authorized a share repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

COPYRIGHT VIOLATION WARNING: “Clarius Group LLC Sells 16,047 Shares of Bank of America Corp (BAC)” was first reported by Watch List News and is the property of of Watch List News. If you are accessing this news story on another domain, it was illegally stolen and reposted in violation of US & international copyright and trademark laws. The original version of this news story can be accessed at https://www.watchlistnews.com/clarius-group-llc-sells-16047-shares-of-bank-of-america-corp-bac/1811723.html.

Bank of America 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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with Analyst Ratings Network's FREE daily email newsletter.