LSV Asset Management Sells 1,176,995 Shares of Bank of America Co. (NYSE:BAC)

LSV Asset Management lowered its stake in Bank of America Co. (NYSE:BAC) by 5.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,377,150 shares of the financial services provider’s stock after selling 1,176,995 shares during the period. Bank of America makes up 1.1% of LSV Asset Management’s holdings, making the stock its 14th biggest holding. LSV Asset Management owned 0.26% of Bank of America worth $539,065,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of BAC. EdgePoint Investment Group Inc. purchased a new position in shares of Bank of America in the 2nd quarter worth approximately $350,740,000. Nordea Investment Management AB increased its stake in shares of Bank of America by 94.2% during the 2nd quarter. Nordea Investment Management AB now owns 14,883,900 shares of the financial services provider’s stock worth $348,432,000 after purchasing an additional 7,218,779 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Bank of America by 51.6% in the 2nd quarter. Bessemer Group Inc. now owns 21,055,944 shares of the financial services provider’s stock worth $500,078,000 after purchasing an additional 7,164,156 shares during the period. MUFG Securities EMEA plc grew its holdings in Bank of America by 1,172.8% during the second quarter. MUFG Securities EMEA plc now owns 3,348,712 shares of the financial services provider’s stock valued at $79,532,000 after purchasing an additional 3,085,615 shares during the period. Finally, Epoch Investment Partners Inc. increased its position in Bank of America by 56.4% in the second quarter. Epoch Investment Partners Inc. now owns 7,858,952 shares of the financial services provider’s stock worth $186,650,000 after buying an additional 2,834,964 shares during the last quarter. 68.19% of the stock is owned by institutional investors and hedge funds.

In other news, major shareholder Berkshire Hathaway Inc purchased 13,584,301 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was purchased at an average price of $24.81 per share, with a total value of $337,026,507.81. 0.20% of the stock is owned by corporate insiders.

Shares of NYSE BAC traded down $0.68 during midday trading on Monday, hitting $24.22. 1,299,877 shares of the company’s stock were exchanged, compared to its average volume of 70,459,383. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04. The business’s fifty day moving average price is $24.79 and its two-hundred day moving average price is $24.36. The company has a market cap of $215.74 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 1.95 and a beta of 1.54. Bank of America Co. has a 12-month low of $17.95 and a 12-month high of $35.72.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.02). The company had revenue of $20.30 billion for the quarter, compared to the consensus estimate of $20.88 billion. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The company’s revenue for the quarter was down 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.75 earnings per share. Equities analysts expect that Bank of America Co. will post 1.77 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Stockholders of record on Friday, December 4th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend is Thursday, December 3rd. Bank of America’s dividend payout ratio is currently 24.49%.

Several research analysts have recently weighed in on BAC shares. DA Davidson downgraded Bank of America from a “buy” rating to a “neutral” rating and cut their price target for the stock from $27.00 to $25.00 in a research note on Thursday, July 9th. Oppenheimer reiterated a “buy” rating on shares of Bank of America in a research note on Tuesday, September 8th. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $29.00 in a research note on Thursday, September 3rd. Finally, Royal Bank of Canada set a $28.00 target price on Bank of America and gave the stock a “buy” rating in a research report on Wednesday, October 14th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $29.31.

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. It operates in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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

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