Thoroughbred Financial Services LLC Has $5.95 Million Holdings in Bank of America Corporation $BAC

Thoroughbred Financial Services LLC decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 20.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 125,648 shares of the financial services provider’s stock after selling 32,857 shares during the period. Thoroughbred Financial Services LLC’s holdings in Bank of America were worth $5,945,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of BAC. Deutsche Bank AG increased its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. Unisphere Establishment grew its holdings in shares of Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Bank of America in the second quarter valued at $164,623,000. Maverick Capital Ltd. acquired a new stake in shares of Bank of America in the first quarter valued at $152,098,000. Finally, AMF Tjanstepension AB lifted its position in Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after buying an additional 3,438,876 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BAC. Wells Fargo & Company raised their price objective on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. TD Cowen upped their price objective on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Finally, Wolfe Research increased their price objective on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Stock Performance

BAC stock opened at $52.57 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69. The business’s fifty day moving average is $51.63 and its 200-day moving average is $47.99. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $383.88 billion, a P/E ratio of 14.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

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

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is presently 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.