Bank of America Corp (BAC) Shares Sold by Global Endowment Management LP

Global Endowment Management LP cut its position in shares of Bank of America Corp (NYSE:BAC) by 40.0% in the 3rd quarter, Holdings Channel reports. The fund owned 14,910 shares of the financial services provider’s stock after selling 9,940 shares during the period. Global Endowment Management LP’s holdings in Bank of America were worth $439,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Cornerstone Advisors Inc. boosted its stake in shares of Bank of America by 22.7% in the 2nd quarter. Cornerstone Advisors Inc. now owns 9,786 shares of the financial services provider’s stock valued at $276,000 after purchasing an additional 1,808 shares in the last quarter. Acadian Asset Management LLC boosted its position in Bank of America by 5.3% during the 2nd quarter. Acadian Asset Management LLC now owns 142,648 shares of the financial services provider’s stock valued at $4,020,000 after buying an additional 7,168 shares during the period. Douglass Winthrop Advisors LLC boosted its position in Bank of America by 3.1% during the 2nd quarter. Douglass Winthrop Advisors LLC now owns 67,456 shares of the financial services provider’s stock valued at $1,902,000 after buying an additional 2,037 shares during the period. Hermes Investment Management Ltd. boosted its position in Bank of America by 14.7% during the 2nd quarter. Hermes Investment Management Ltd. now owns 3,284,039 shares of the financial services provider’s stock valued at $92,577,000 after buying an additional 421,606 shares during the period. Finally, RFG Advisory Group LLC boosted its position in Bank of America by 56.5% during the 2nd quarter. RFG Advisory Group LLC now owns 28,901 shares of the financial services provider’s stock valued at $815,000 after buying an additional 10,433 shares during the period. Institutional investors own 63.75% of the company’s stock.

Shares of BAC opened at $26.97 on Friday. Bank of America Corp has a twelve month low of $25.88 and a twelve month high of $33.05. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $276.27 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 1.32 and a beta of 1.31.

Bank of America (NYSE:BAC) last posted its earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The firm had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. During the same period last year, the company posted $0.48 EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Corp will post 2.55 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be given a $0.15 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.22%. Bank of America’s dividend payout ratio is 32.79%.

Several equities research analysts have weighed in on BAC shares. Wolfe Research started coverage on shares of Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. BMO Capital Markets increased their price target on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research report on Tuesday, October 16th. Finally, ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Bank of America presently has an average rating of “Buy” and an average target price of $34.63.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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