Bank of America Corp (NYSE:BAC) Shares Bought by Convergence Investment Partners LLC

Convergence Investment Partners LLC boosted its position in shares of Bank of America Corp (NYSE:BAC) by 27.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 124,131 shares of the financial services provider’s stock after acquiring an additional 26,702 shares during the period. Bank of America accounts for about 1.0% of Convergence Investment Partners LLC’s portfolio, making the stock its 24th biggest holding. Convergence Investment Partners LLC’s holdings in Bank of America were worth $2,948,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Lenox Wealth Advisors LLC grew its holdings in Bank of America by 111.9% during the 2nd quarter. Lenox Wealth Advisors LLC now owns 1,106 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 584 shares in the last quarter. Center for Financial Planning Inc. boosted its holdings in shares of Bank of America by 122.7% in the 1st quarter. Center for Financial Planning Inc. now owns 1,361 shares of the financial services provider’s stock valued at $29,000 after buying an additional 750 shares in the last quarter. Stonebridge Financial Planning Group LLC boosted its holdings in shares of Bank of America by 208.0% in the 1st quarter. Stonebridge Financial Planning Group LLC now owns 1,494 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,009 shares in the last quarter. Firestone Capital Management boosted its holdings in shares of Bank of America by 39.0% in the 1st quarter. Firestone Capital Management now owns 1,786 shares of the financial services provider’s stock valued at $38,000 after buying an additional 501 shares in the last quarter. Finally, Semmax Financial Advisors Inc. boosted its holdings in shares of Bank of America by 490.1% in the 1st quarter. Semmax Financial Advisors Inc. now owns 1,965 shares of the financial services provider’s stock valued at $42,000 after buying an additional 1,632 shares in the last quarter. Institutional investors own 68.99% of the company’s stock.

Shares of BAC stock traded up $0.04 during midday trading on Friday, reaching $24.88. 62,039,245 shares of the company traded hands, compared to its average volume of 60,672,532. The firm’s 50 day simple moving average is $24.13 and its two-hundred day simple moving average is $26.12. Bank of America Corp has a 1-year low of $17.95 and a 1-year high of $35.72. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market cap of $215.85 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 2.24 and a beta of 1.59.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.09. Bank of America had a net margin of 19.09% and a return on equity of 9.11%. The company had revenue of $22.30 billion during the quarter, compared to the consensus estimate of $21.71 billion. During the same period last year, the firm earned $0.74 EPS. The company’s revenue for the quarter was down 3.5% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corp will post 1.59 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, September 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.89%. Bank of America’s payout ratio is 24.49%.

In related news, major shareholder Berkshire Hathaway Inc purchased 16,424,366 shares of Bank of America stock in a transaction dated Monday, July 27th. The stock was bought at an average cost of $24.22 per share, for a total transaction of $397,798,144.52. Over the last quarter, insiders have bought 71,507,705 shares of company stock valued at $1,733,226,720. Insiders own 0.20% of the company’s stock.

Several brokerages have recently issued reports on BAC. TheStreet cut shares of Bank of America from a “b-” rating to a “c+” rating in a report on Monday, July 27th. Credit Suisse Group restated a “buy” rating and issued a $31.00 target price on shares of Bank of America in a report on Friday, April 17th. Oppenheimer upped their target price on shares of Bank of America from $30.00 to $33.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Piper Sandler reduced their price target on shares of Bank of America from $40.00 to $27.00 and set an “overweight” rating for the company in a research report on Friday, April 3rd. Finally, ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Tuesday, July 7th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $29.47.

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 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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