Korea Investment CORP Reduces Stake in Bank of America Corp (BAC)

Korea Investment CORP decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 5.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 8,441,407 shares of the financial services provider’s stock after selling 520,365 shares during the quarter. Bank of America accounts for about 1.1% of Korea Investment CORP’s investment portfolio, making the stock its 11th biggest position. Korea Investment CORP’s holdings in Bank of America were worth $248,684,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. CSat Investment Advisory L.P. bought a new stake in Bank of America in the second quarter valued at about $103,000. Cardinal Capital Management Inc. bought a new stake in Bank of America in the third quarter valued at about $106,000. Quad Cities Investment Group LLC bought a new stake in Bank of America in the second quarter valued at about $112,000. Arlington Partners LLC bought a new stake in Bank of America in the third quarter valued at about $118,000. Finally, Stelac Advisory Services LLC increased its stake in Bank of America by 50.2% in the third quarter. Stelac Advisory Services LLC now owns 5,750 shares of the financial services provider’s stock valued at $169,000 after acquiring an additional 1,922 shares during the period. Institutional investors own 64.39% of the company’s stock.

A number of analysts recently weighed in on the stock. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. Wolfe Research started coverage on shares of Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Finally, BMO Capital Markets boosted their price target on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research report on Tuesday, October 16th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $34.63.

Shares of BAC stock opened at $28.40 on Monday. Bank of America Corp has a 1 year low of $25.88 and a 1 year high of $33.05. The company has a market cap of $290.92 billion, a PE ratio of 15.52, a P/E/G ratio of 1.39 and a beta of 1.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98.

Bank of America (NYSE:BAC) last announced its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The company had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. During the same period in the prior year, the business earned $0.48 earnings per share. Bank of America’s quarterly revenue was up 3.2% on a year-over-year basis. Research analysts predict that Bank of America Corp will post 2.55 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.11%. Bank of America’s payout ratio is 32.79%.

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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.

Further Reading: SEC Filing

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

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