TD Asset Management Inc Has $133.37 Million Holdings in Bank of America Corporation $BAC

TD Asset Management Inc cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,818,363 shares of the financial services provider’s stock after selling 5,300 shares during the period. TD Asset Management Inc’s holdings in Bank of America were worth $133,365,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in shares of Bank of America by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after acquiring an additional 803,570 shares during the period. Deutsche Bank AG raised its position in shares of Bank of America by 45.1% in 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 acquiring an additional 14,960,086 shares during the period. Amundi raised its position in shares of Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after acquiring an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after acquiring an additional 188,638 shares during the period. Finally, National Pension Service raised its position in shares of Bank of America by 2.4% in the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after acquiring an additional 300,944 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the topic of a number of analyst reports. Evercore ISI increased their price target on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Royal Bank Of Canada increased their target price on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Wolfe Research increased their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. JPMorgan Chase & Co. increased their target price on Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Finally, Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.64.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

Bank of America Price Performance

Shares of BAC opened at $50.04 on Wednesday. The stock has a market capitalization of $370.62 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.89 and a beta of 1.33. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The company has a 50 day moving average of $49.76 and a 200-day moving average of $45.62. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the business earned $0.83 EPS. As a group, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is 32.75%.

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

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.