Jennison Associates LLC decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 9.6% during the third quarter, HoldingsChannel reports. The firm owned 10,094,956 shares of the financial services provider’s stock after selling 1,072,328 shares during the period. Jennison Associates LLC’s holdings in Bank of America were worth $255,806,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vantage Financial Partners Ltd. Inc. bought a new position in Bank of America in the 2nd quarter worth about $1,017,000. Northwest Investment Counselors LLC bought a new position in Bank of America in the 2nd quarter worth about $100,000. Chicago Partners Investment Group LLC increased its position in shares of Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $115,000. Finally, Legacy Advisors LLC bought a new position in shares of Bank of America during the 3rd quarter valued at about $115,000. 68.43% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Corp (BAC) opened at $30.55 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. Bank of America Corp has a 1 year low of $22.01 and a 1 year high of $30.73. The stock has a market capitalization of $318,660.00, a P/E ratio of 17.76, a P/E/G ratio of 1.71 and a beta of 1.32.
Bank of America announced that its board has authorized a stock repurchase program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.57%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is currently 27.91%.
Several equities analysts have recently commented on the company. Societe Generale lowered Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday. Vetr lowered Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective on the stock. in a research report on Wednesday. BMO Capital Markets reiterated a “hold” rating and set a $31.00 price objective on shares of Bank of America in a research report on Monday. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research report on Tuesday, January 2nd. Finally, Instinet reduced their price objective on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $27.56.
COPYRIGHT VIOLATION NOTICE: This article was reported by Community Financial News and is owned by of Community Financial News. If you are viewing this article on another website, it was stolen and republished in violation of U.S. & international copyright & trademark legislation. The legal version of this article can be accessed at https://www.com-unik.info/2018/01/11/jennison-associates-llc-sells-1072328-shares-of-bank-of-america-corp-bac.html.
Bank of America 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.
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (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.