Brookstone Capital Management Cuts Holdings in Bank of America Co. (NYSE:BAC)

Brookstone Capital Management reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 7.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 64,709 shares of the financial services provider’s stock after selling 5,166 shares during the period. Brookstone Capital Management’s holdings in Bank of America were worth $2,057,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Vanguard Group Inc. raised its holdings in shares of Bank of America by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 591,207,087 shares of the financial services provider’s stock valued at $24,369,557,000 after buying an additional 5,015,041 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of America in the 4th quarter worth approximately $3,938,246,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Bank of America by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 36,940,776 shares of the financial services provider’s stock valued at $1,522,699,000 after purchasing an additional 603,512 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Bank of America by 2.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 35,229,840 shares of the financial services provider’s stock worth $1,452,584,000 after purchasing an additional 773,812 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Bank of America by 2.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 21,206,787 shares of the financial services provider’s stock worth $874,144,000 after purchasing an additional 501,064 shares during the last quarter. 68.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Citigroup lowered their target price on Bank of America from $47.00 to $40.00 in a research note on Tuesday, July 12th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, September 12th. Jefferies Financial Group dropped their price target on shares of Bank of America from $43.00 to $33.00 in a research report on Monday, July 11th. Wells Fargo & Company lowered their price objective on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, July 1st. Finally, Societe Generale raised Bank of America from a “hold” rating to a “buy” rating and set a $37.50 target price on the stock in a research note on Monday, July 11th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.58.

Bank of America Trading Down 1.5 %

NYSE:BAC opened at $34.17 on Wednesday. Bank of America Co. has a one year low of $29.67 and a one year high of $50.11. The company’s 50-day simple moving average is $33.98 and its 200 day simple moving average is $35.91. The firm has a market capitalization of $274.56 billion, a P/E ratio of 10.68, a PEG ratio of 1.55 and a beta of 1.37. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74.

Bank of America (NYSE:BACGet Rating) last posted its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.04). The company had revenue of $22.69 billion during the quarter, compared to analysts’ expectations of $22.79 billion. Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.03 EPS. As a group, analysts forecast that Bank of America Co. will post 3.2 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be paid a $0.22 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.88 dividend on an annualized basis and a yield of 2.58%. Bank of America’s payout ratio is presently 27.50%.

Bank of America Company Profile

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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

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