Highstreet Asset Management Inc. Trims Holdings in Bank of America Corp (BAC)

Highstreet Asset Management Inc. reduced its stake in Bank of America Corp (NYSE:BAC) by 36.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 109,000 shares of the financial services provider’s stock after selling 61,932 shares during the period. Highstreet Asset Management Inc.’s holdings in Bank of America were worth $2,762,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Shepherd Financial Partners LLC grew its stake in shares of Bank of America by 1.7% in the 1st quarter. Shepherd Financial Partners LLC now owns 67,531 shares of the financial services provider’s stock worth $1,566,000 after buying an additional 1,144 shares in the last quarter. Norinchukin Bank The grew its stake in shares of Bank of America by 12.3% in the 1st quarter. Norinchukin Bank The now owns 352,346 shares of the financial services provider’s stock worth $8,312,000 after buying an additional 38,695 shares in the last quarter. Twin Capital Management Inc. grew its stake in shares of Bank of America by 1.1% in the 1st quarter. Twin Capital Management Inc. now owns 953,974 shares of the financial services provider’s stock worth $22,504,000 after buying an additional 10,414 shares in the last quarter. Budros Ruhlin & Roe Inc. grew its stake in shares of Bank of America by 1.0% in the 1st quarter. Budros Ruhlin & Roe Inc. now owns 19,340 shares of the financial services provider’s stock worth $456,000 after buying an additional 194 shares in the last quarter. Finally, Argent Trust Co grew its stake in shares of Bank of America by 7.8% in the 1st quarter. Argent Trust Co now owns 50,348 shares of the financial services provider’s stock worth $1,188,000 after buying an additional 3,641 shares in the last quarter. Institutional investors own 68.42% of the company’s stock.

BAC has been the subject of a number of recent research reports. Oppenheimer reissued a “buy” rating on shares of Bank of America in a research note on Friday, October 13th. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective for the company in a research note on Monday, October 16th. Nomura lifted their price objective on shares of Bank of America from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, October 16th. BidaskClub cut shares of Bank of America from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 9th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a research note on Friday, December 8th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $26.72.

Shares of Bank of America Corp (NYSE:BAC) opened at $29.88 on Monday. The stock has a market cap of $311,670.00, a PE ratio of 17.37, a price-to-earnings-growth ratio of 2.07 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a 52-week low of $21.77 and a 52-week high of $30.03.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 EPS. equities research analysts anticipate that Bank of America Corp will post 1.8 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.61%. Bank of America’s dividend payout ratio (DPR) is 27.91%.

Bank of America announced that its board has initiated a stock repurchase plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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About Bank of America

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.

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

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