Bank Hapoalim BM reduced its position in Bank of America Corp (NYSE:BAC) by 9.1% during the 3rd quarter, reports. The institutional investor owned 38,463 shares of the financial services provider’s stock after selling 3,837 shares during the period. Bank Hapoalim BM’s holdings in Bank of America were worth $975,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vantage Financial Partners Ltd. Inc. acquired a new stake in Bank of America in the 2nd quarter valued at $1,017,000. Northwest Investment Counselors LLC acquired a new stake in Bank of America in the 2nd quarter valued at $100,000. Chicago Partners Investment Group LLC increased its holdings in Bank of America by 11.0% in 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 in the last quarter. MPS Loria Financial Planners LLC acquired a new stake in Bank of America in the 2nd quarter valued at $115,000. Finally, Legacy Advisors LLC acquired a new stake in Bank of America in the 3rd quarter valued at $115,000. 68.46% of the stock is currently owned by institutional investors and hedge funds.

Shares of Bank of America Corp (BAC) opened at $31.24 on Wednesday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market capitalization of $325,850.00, a PE ratio of 18.16, a PEG ratio of 1.70 and a beta of 1.32. Bank of America Corp has a 52 week low of $22.01 and a 52 week high of $31.79.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same period last year, the firm earned $0.41 earnings per share. The company’s revenue was up 2.1% on a year-over-year basis. sell-side analysts predict that Bank of America Corp will post 1.79 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a dividend of $0.12 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. Bank of America’s payout ratio is 27.91%.

BAC has been the subject of several recent research reports. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target for the company in a report on Monday, October 16th. Deutsche Bank reiterated a “hold” rating and issued a $25.00 price target (up from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Keefe, Bruyette & Woods increased their price target on Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a report on Thursday, December 14th. Wells Fargo & Co set a $35.00 price target on Bank of America and gave the company a “buy” rating in a report on Wednesday, December 20th. Finally, BidaskClub upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. Bank of America has a consensus rating of “Buy” and a consensus price target of $29.14.

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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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