Bank of America Co. (NYSE:BAC) Shares Sold by Northern Trust Corp

Northern Trust Corp reduced its holdings in Bank of America Co. (NYSE:BAC) by 5.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 66,251,258 shares of the financial services provider’s stock after selling 3,832,376 shares during the period. Northern Trust Corp owned about 0.83% of Bank of America worth $1,900,749,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. First Western Trust Bank lifted its position in shares of Bank of America by 17.7% in the second quarter. First Western Trust Bank now owns 15,294 shares of the financial services provider’s stock valued at $439,000 after acquiring an additional 2,296 shares in the last quarter. ExodusPoint Capital Management LP lifted its position in shares of Bank of America by 870.8% in the second quarter. ExodusPoint Capital Management LP now owns 437,223 shares of the financial services provider’s stock valued at $12,544,000 after acquiring an additional 392,186 shares in the last quarter. Letko Brosseau & Associates Inc. lifted its position in shares of Bank of America by 0.4% in the second quarter. Letko Brosseau & Associates Inc. now owns 1,374,343 shares of the financial services provider’s stock valued at $39,430,000 after acquiring an additional 5,381 shares in the last quarter. Altrius Capital Management Inc lifted its position in shares of Bank of America by 3.0% in the second quarter. Altrius Capital Management Inc now owns 111,736 shares of the financial services provider’s stock valued at $3,206,000 after acquiring an additional 3,267 shares in the last quarter. Finally, RPG Investment Advisory LLC lifted its position in shares of Bank of America by 36.3% in the second quarter. RPG Investment Advisory LLC now owns 216,383 shares of the financial services provider’s stock valued at $6,208,000 after acquiring an additional 57,650 shares in the last quarter. 68.06% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 1.3 %

Shares of BAC stock traded down $0.39 on Tuesday, hitting $29.62. The stock had a trading volume of 3,535,151 shares, compared to its average volume of 48,782,988. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market capitalization of $234.40 billion, a P/E ratio of 8.41, a P/E/G ratio of 1.22 and a beta of 1.38. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $37.87. The company’s 50 day moving average price is $27.45 and its 200-day moving average price is $28.62.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.07. Bank of America had a return on equity of 12.08% and a net margin of 18.69%. The company had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $25.13 billion. During the same quarter in the prior year, the business earned $0.81 EPS. Bank of America’s revenue was up 2.8% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.46 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.96 annualized dividend and a yield of 3.24%. Bank of America’s dividend payout ratio (DPR) is 26.89%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Oppenheimer raised their target price on Bank of America from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Thursday, November 16th. HSBC started coverage on Bank of America in a research note on Thursday, September 7th. They set a “buy” rating and a $35.00 price objective on the stock. Morgan Stanley lowered their price objective on Bank of America from $34.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 3rd. Keefe, Bruyette & Woods raised Bank of America from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $29.00 to $30.00 in a research note on Monday, November 6th. Finally, Wells Fargo & Company lowered their price objective on Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $35.54.

Bank of America Company Profile

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.