Sumitomo Mitsui Trust Holdings Inc. Has $736.07 Million Position in Bank of America Corporation (BAC)

Sumitomo Mitsui Trust Holdings Inc. increased its stake in Bank of America Corporation (NYSE:BAC) by 1.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,340,696 shares of the financial services provider’s stock after purchasing an additional 553,349 shares during the quarter. Bank of America Corporation makes up 1.1% of Sumitomo Mitsui Trust Holdings Inc.’s investment portfolio, making the stock its 11th largest holding. Sumitomo Mitsui Trust Holdings Inc. owned about 0.29% of Bank of America Corporation worth $736,065,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. GAM Holding AG lifted its holdings in shares of Bank of America Corporation by 2.5% during the 2nd quarter. GAM Holding AG now owns 1,482,136 shares of the financial services provider’s stock valued at $35,957,000 after buying an additional 36,158 shares during the last quarter. Alethea Capital Management LLC lifted its holdings in Bank of America Corporation by 98.6% in the 2nd quarter. Alethea Capital Management LLC now owns 28,800 shares of the financial services provider’s stock worth $698,000 after purchasing an additional 14,300 shares during the last quarter. Van Cleef Asset Management Inc lifted its holdings in Bank of America Corporation by 4.3% in the 2nd quarter. Van Cleef Asset Management Inc now owns 36,742 shares of the financial services provider’s stock worth $891,000 after purchasing an additional 1,500 shares during the last quarter. RiverPoint Capital Management LLC lifted its holdings in Bank of America Corporation by 925.4% in the 2nd quarter. RiverPoint Capital Management LLC now owns 568,992 shares of the financial services provider’s stock worth $13,804,000 after purchasing an additional 513,504 shares during the last quarter. Finally, Mosaic Family Wealth LLC lifted its holdings in Bank of America Corporation by 266.9% in the 2nd quarter. Mosaic Family Wealth LLC now owns 14,160 shares of the financial services provider’s stock worth $344,000 after purchasing an additional 10,301 shares during the last quarter. 61.58% of the stock is currently owned by hedge funds and other institutional investors.

TRADEMARK VIOLATION NOTICE: “Sumitomo Mitsui Trust Holdings Inc. Has $736.07 Million Position in Bank of America Corporation (BAC)” was first posted by Community Financial News and is the sole property of of Community Financial News. If you are accessing this story on another domain, it was illegally copied and reposted in violation of United States & international copyright & trademark law. The legal version of this story can be accessed at https://www.com-unik.info/2017/10/30/sumitomo-mitsui-trust-holdings-inc-has-736-07-million-position-in-bank-of-america-corporation-bac.html.

In other news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.18% of the stock is owned by corporate insiders.

Shares of Bank of America Corporation (NYSE BAC) opened at 27.80 on Monday. The company has a market cap of $292.36 billion, a P/E ratio of 15.91 and a beta of 1.25. The firm has a 50-day moving average of $25.63 and a 200-day moving average of $24.19. Bank of America Corporation has a 52-week low of $16.28 and a 52-week high of $27.98.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the company posted $0.41 earnings per share. Equities research analysts forecast that Bank of America Corporation will post $1.82 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.73%. Bank of America Corporation’s payout ratio is currently 27.43%.

A number of research firms have recently issued reports on BAC. Vetr upgraded Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a research report on Wednesday, August 30th. Credit Suisse Group restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, October 10th. Citigroup Inc. restated a “neutral” rating and set a $27.00 price objective (up from $25.00) on shares of Bank of America Corporation in a research report on Monday, October 9th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Finally, Zacks Investment Research cut Bank of America Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $25.47.

Bank of America Corporation Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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

What are top analysts saying about Bank of America Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Bank of America Corporation and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit