Bank of America Corporation $BAC Shares Sold by Burney Co.

Burney Co. cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 14.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,389 shares of the financial services provider’s stock after selling 5,336 shares during the period. Burney Co.’s holdings in Bank of America were worth $1,485,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Brighton Jones LLC grew its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Bank of America by 10.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 38,071 shares of the financial services provider’s stock valued at $1,589,000 after buying an additional 3,495 shares during the last quarter. Brown Advisory Inc. grew its holdings in shares of Bank of America by 0.4% during the first quarter. Brown Advisory Inc. now owns 3,372,376 shares of the financial services provider’s stock valued at $140,729,000 after buying an additional 13,943 shares during the last quarter. Hourglass Capital LLC grew its holdings in shares of Bank of America by 12.5% during the first quarter. Hourglass Capital LLC now owns 52,687 shares of the financial services provider’s stock valued at $2,199,000 after buying an additional 5,860 shares during the last quarter. Finally, NTV Asset Management LLC grew its holdings in shares of Bank of America by 0.6% during the first quarter. NTV Asset Management LLC now owns 52,906 shares of the financial services provider’s stock valued at $2,208,000 after buying an additional 301 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE:BAC opened at $53.56 on Wednesday. Bank of America Corporation has a one year low of $33.06 and a one year high of $54.00. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $396.68 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. The firm’s fifty day moving average is $51.18 and its two-hundred day moving average is $47.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the prior year, the company earned $0.81 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has initiated a stock 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally 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. Stockholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend 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%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research analyst reports. Argus boosted their price objective on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Citigroup boosted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. UBS Group boosted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Wolfe Research boosted their price objective on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Finally, TD Cowen upped their price target on shares of Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Twenty-three investment 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 company has an average rating of “Moderate Buy” and an average price target of $57.59.

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.