Point72 Europe London LLP Cuts Position in Bank of America Corp (BAC)
Point72 Europe London LLP trimmed its holdings in shares of Bank of America Corp (NYSE:BAC) by 19.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 536,629 shares of the financial services provider’s stock after selling 127,700 shares during the quarter. Bank of America makes up about 3.1% of Point72 Europe London LLP’s investment portfolio, making the stock its 7th largest holding. Point72 Europe London LLP’s holdings in Bank of America were worth $13,019,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. M Holdings Securities Inc. lifted its holdings in Bank of America by 72.9% during the first quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock valued at $2,242,000 after purchasing an additional 40,069 shares in the last quarter. Lbmc Investment Advisors LLC lifted its holdings in Bank of America by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 51 shares in the last quarter. Stephens Inc. AR lifted its holdings in Bank of America by 1.1% during the second quarter. Stephens Inc. AR now owns 846,608 shares of the financial services provider’s stock valued at $20,539,000 after purchasing an additional 8,956 shares in the last quarter. YHB Investment Advisors Inc. lifted its holdings in Bank of America by 17.2% during the second quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock valued at $3,917,000 after purchasing an additional 23,729 shares in the last quarter. Finally, Synovus Financial Corp lifted its holdings in Bank of America by 11.7% during the second quarter. Synovus Financial Corp now owns 594,179 shares of the financial services provider’s stock valued at $14,416,000 after purchasing an additional 62,064 shares in the last quarter. Institutional investors own 68.56% of the company’s stock.
Several brokerages have weighed in on BAC. BidaskClub raised shares of Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. Vetr raised shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price target on the stock in a report on Wednesday, August 30th. BMO Capital Markets reaffirmed a “market perform” rating and set a $29.00 price target (up previously from $27.00) on shares of Bank of America in a report on Monday, October 16th. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 price target on shares of Bank of America in a report on Friday. Finally, Zacks Investment Research downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $26.32.
Shares of Bank of America Corp (NYSE:BAC) opened at $28.94 on Tuesday. The stock has a market cap of $303,009.22, a price-to-earnings ratio of 16.60, a P/E/G ratio of 2.01 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 12 month low of $21.77 and a 12 month high of $29.31.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. Bank of America’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 earnings per share. equities analysts forecast that Bank of America Corp will post 1.81 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Thursday, November 30th. Bank of America’s payout ratio is 27.43%.
Bank of America announced that its board has initiated a share buyback plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership 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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