Northpointe Capital LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 8.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 383,527 shares of the financial services provider’s stock after selling 36,455 shares during the quarter. Bank of America Corporation comprises about 1.0% of Northpointe Capital LLC’s holdings, making the stock its 26th biggest holding. Northpointe Capital LLC’s holdings in Bank of America Corporation were worth $9,304,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Investec Asset Management LTD raised its holdings in Bank of America Corporation by 163.4% in the 1st quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock worth $248,655,000 after purchasing an additional 6,538,908 shares in the last quarter. Karp Capital Management Corp bought a new position in Bank of America Corporation in the 1st quarter worth $91,522,000. APG Asset Management N.V. raised its holdings in Bank of America Corporation by 14.8% in the 2nd quarter. APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider’s stock worth $729,124,000 after purchasing an additional 3,868,186 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in Bank of America Corporation by 56.2% in the 1st quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock worth $246,799,000 after purchasing an additional 3,764,582 shares in the last quarter. Finally, Hexavest Inc. bought a new position in Bank of America Corporation in the 2nd quarter worth $63,918,000. Institutional investors and hedge funds own 61.61% of the company’s stock.

In related news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.18% of the stock is owned by corporate insiders.

Several research analysts have commented on the stock. BMO Capital Markets restated a “market perform” rating and issued a $29.00 price objective (up from $27.00) on shares of Bank of America Corporation in a report on Monday, October 16th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. UBS AG set a $27.00 price target on shares of Bank of America Corporation and gave the stock a “hold” rating in a research note on Monday, October 16th. Finally, Vetr upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 price target for the company in a research note on Friday, July 14th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $25.47.

Bank of America Corporation (NYSE:BAC) opened at 27.17 on Friday. The stock has a market cap of $285.73 billion, a P/E ratio of 15.55 and a beta of 1.25. The company has a 50 day moving average of $25.10 and a 200-day moving average of $24.04. Bank of America Corporation has a 12-month low of $15.90 and a 12-month high of $27.18.

Bank of America Corporation (NYSE:BAC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. Bank of America Corporation’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 earnings per share. Equities analysts forecast that Bank of America Corporation will post $1.82 earnings per share for the current year.

Bank of America Corporation announced that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.77%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is currently 27.43%.

TRADEMARK VIOLATION WARNING: This article was published by Watch List News and is owned by of Watch List News. If you are viewing this article on another domain, it was stolen and republished in violation of U.S. and international trademark & copyright law. The original version of this article can be viewed at https://www.watchlistnews.com/northpointe-capital-llc-decreases-holdings-in-bank-of-america-corporation-bac/1644890.html.

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.

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

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