Los Angeles Capital Management & Equity Research Inc. Sells 11,617 Shares of Bank of America Corp (NYSE:BAC)

Los Angeles Capital Management & Equity Research Inc. trimmed its holdings in Bank of America Corp (NYSE:BAC) by 0.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,244,855 shares of the financial services provider’s stock after selling 11,617 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Bank of America were worth $94,101,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Squar Milner Financial Services LLC raised its holdings in shares of Bank of America by 1.3% during the 1st quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock worth $737,000 after acquiring an additional 348 shares in the last quarter. Barber Financial Group Inc. raised its holdings in shares of Bank of America by 2.1% during the 1st quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after acquiring an additional 360 shares in the last quarter. Rowland & Co. Investment Counsel ADV raised its holdings in shares of Bank of America by 9.7% during the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after acquiring an additional 360 shares in the last quarter. Kistler Tiffany Companies LLC raised its holdings in shares of Bank of America by 2.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock worth $456,000 after acquiring an additional 365 shares in the last quarter. Finally, Cahill Financial Advisors Inc. raised its holdings in shares of Bank of America by 4.1% during the 4th quarter. Cahill Financial Advisors Inc. now owns 9,391 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 369 shares in the last quarter. Institutional investors and hedge funds own 68.23% of the company’s stock.

BAC stock traded down $0.06 during midday trading on Friday, reaching $28.32. The company’s stock had a trading volume of 34,391,170 shares, compared to its average volume of 53,002,320. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The company’s fifty day moving average price is $29.24. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.79. The stock has a market cap of $264.54 billion, a price-to-earnings ratio of 10.85, a price-to-earnings-growth ratio of 1.12 and a beta of 1.54.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. During the same quarter last year, the firm posted $0.63 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corp will post 2.83 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a share repurchase program on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.18 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

Several brokerages have recently issued reports on BAC. Jefferies Financial Group cut Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective on the stock. in a report on Wednesday, April 17th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and increased their price target for the company from $32.00 to $36.00 in a report on Friday, July 26th. Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target on the stock. in a report on Tuesday, April 30th. Berenberg Bank set a $30.00 price target on Bank of America and gave the company a “hold” rating in a report on Monday, June 17th. Finally, BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target on the stock in a report on Monday, June 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. Bank of America currently has a consensus rating of “Hold” and an average target price of $33.02.

Bank of America 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.

Recommended Story: What is Considered a Good Return on Equity (ROE)?

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.