Sumitomo Mitsui Asset Management Company LTD Lowers Stake in Bank of America Corp (BAC)

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Sumitomo Mitsui Asset Management Company LTD lowered its holdings in Bank of America Corp (NYSE:BAC) by 1.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 756,082 shares of the financial services provider’s stock after selling 7,895 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Bank of America were worth $22,274,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CSat Investment Advisory L.P. bought a new stake in shares of Bank of America in the second quarter valued at approximately $103,000. McKinley Carter Wealth Services Inc. bought a new stake in shares of Bank of America in the first quarter valued at approximately $105,000. Cardinal Capital Management Inc. bought a new stake in shares of Bank of America in the third quarter valued at approximately $106,000. Quad Cities Investment Group LLC bought a new stake in shares of Bank of America in the second quarter valued at approximately $112,000. Finally, Whitnell & Co. bought a new stake in shares of Bank of America in the second quarter valued at approximately $134,000. 65.08% of the stock is currently owned by institutional investors.

Separately, Wolfe Research began coverage on shares of Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Bank of America presently has a consensus rating of “Buy” and a consensus target price of $33.35.

In other news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the transaction, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.10% of the company’s stock.

Bank of America stock opened at $27.92 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market cap of $301.78 billion, a P/E ratio of 15.17, a PEG ratio of 1.46 and a beta of 1.30. Bank of America Corp has a 1-year low of $25.81 and a 1-year high of $33.05.

Bank of America (NYSE:BAC) last posted its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.04. The business had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. Bank of America’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.48 EPS. Research analysts expect that Bank of America Corp will post 2.52 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 7th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend was Thursday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio is 32.79%.

Bank of America declared that its Board of Directors has approved a share buyback program on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 7.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.

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

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