Stevens Capital Management LP Sells 3,453 Shares of Bank of America Corporation $BAC

Stevens Capital Management LP trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 14.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,852 shares of the financial services provider’s stock after selling 3,453 shares during the quarter. Stevens Capital Management LP’s holdings in Bank of America were worth $939,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BAC. Geode Capital Management LLC lifted its stake in shares of Bank of America by 0.3% in the second quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock valued at $6,982,863,000 after buying an additional 403,652 shares in the last quarter. Deutsche Bank AG increased its position in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Amundi raised its holdings in shares of Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after acquiring an additional 188,638 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Bank of America by 5.7% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock valued at $783,759,000 after purchasing an additional 894,027 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $58.00 price objective (up from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Argus upped their price target on Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. TD Cowen increased their price target on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Daiwa Capital Markets lifted their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Finally, Robert W. Baird raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Price Performance

Bank of America stock opened at $51.54 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $376.37 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.69. The business’s 50 day simple moving average is $51.76 and its 200 day simple moving average is $48.38.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 earnings per share. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.