Systematic Financial Management LP Trims Stake in Bank of America Corp (NYSE:BAC)

Systematic Financial Management LP reduced its position in Bank of America Corp (NYSE:BAC) by 98.0% during the third quarter, HoldingsChannel.com reports. The firm owned 4,246 shares of the financial services provider’s stock after selling 205,738 shares during the period. Systematic Financial Management LP’s holdings in Bank of America were worth $124,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of BAC. Neville Rodie & Shaw Inc. raised its holdings in shares of Bank of America by 1.1% during the 2nd quarter. Neville Rodie & Shaw Inc. now owns 74,578 shares of the financial services provider’s stock worth $2,163,000 after buying an additional 821 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of Bank of America by 11.5% during the 2nd quarter. Private Trust Co. NA now owns 142,507 shares of the financial services provider’s stock worth $4,132,000 after buying an additional 14,706 shares in the last quarter. Fulton Bank N.A. raised its holdings in shares of Bank of America by 0.3% during the 2nd quarter. Fulton Bank N.A. now owns 144,107 shares of the financial services provider’s stock worth $4,179,000 after buying an additional 410 shares in the last quarter. Woodstock Corp raised its holdings in shares of Bank of America by 0.5% during the 2nd quarter. Woodstock Corp now owns 159,889 shares of the financial services provider’s stock worth $4,637,000 after buying an additional 744 shares in the last quarter. Finally, Winfield Associates Inc. raised its holdings in shares of Bank of America by 7.4% during the 2nd quarter. Winfield Associates Inc. now owns 5,906 shares of the financial services provider’s stock worth $171,000 after buying an additional 406 shares in the last quarter. 70.60% of the stock is currently owned by institutional investors.

A number of brokerages have issued reports on BAC. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $33.00 target price (up previously from $30.00) on shares of Bank of America in a report on Monday, November 4th. Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Raymond James cut Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. UBS Group upped their target price on Bank of America from $33.00 to $34.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.59.

Shares of BAC stock opened at $32.93 on Monday. The stock has a market cap of $296.21 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.26 and a beta of 1.62. The stock has a 50-day moving average of $30.61 and a 200-day moving average of $29.15. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.99. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $33.60.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.07. The company had revenue of $22.96 billion during the quarter, compared to analysts’ expectations of $22.73 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.66 earnings per share. Sell-side analysts forecast that Bank of America Corp will post 2.89 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.19%. Bank of America’s payout ratio is 27.59%.

In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frank P. Bramble sold 6,500 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total value of $203,645.00. Following the completion of the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,566,500. The disclosure for this sale can be found here. In the last three months, insiders sold 51,870 shares of company stock valued at $1,476,104. Insiders own 0.17% of the company’s stock.

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.

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

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