Sumitomo Life Insurance Co. decreased its position in shares of Bank of America Corp (NYSE:BAC) by 7.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 389,244 shares of the financial services provider’s stock after selling 29,370 shares during the period. Bank of America accounts for 1.4% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 8th biggest holding. Sumitomo Life Insurance Co.’s holdings in Bank of America were worth $11,467,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Bartlett & Co. LLC increased its stake in Bank of America by 35.8% in the second quarter. Bartlett & Co. LLC now owns 6,146 shares of the financial services provider’s stock valued at $173,000 after acquiring an additional 1,621 shares during the period. RNC Capital Management LLC increased its stake in Bank of America by 4.6% in the second quarter. RNC Capital Management LLC now owns 38,237 shares of the financial services provider’s stock valued at $1,078,000 after acquiring an additional 1,690 shares during the period. Summit X LLC increased its stake in Bank of America by 17.4% in the first quarter. Summit X LLC now owns 11,414 shares of the financial services provider’s stock valued at $341,000 after acquiring an additional 1,695 shares during the period. Martin Investment Management LLC increased its stake in Bank of America by 0.4% in the second quarter. Martin Investment Management LLC now owns 453,072 shares of the financial services provider’s stock valued at $12,772,000 after acquiring an additional 1,701 shares during the period. Finally, Hartford Financial Management Inc. increased its stake in Bank of America by 7.7% in the second quarter. Hartford Financial Management Inc. now owns 23,689 shares of the financial services provider’s stock valued at $668,000 after acquiring an additional 1,703 shares during the period. 65.15% of the stock is owned by hedge funds and other institutional investors.

Shares of Bank of America stock opened at $28.25 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.98. The stock has a market cap of $296.04 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 1.42 and a beta of 1.30. Bank of America Corp has a 1-year low of $25.81 and a 1-year high of $33.05.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.04. The firm had revenue of $22.78 billion for the quarter, compared to analysts’ expectations of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.48 earnings per share. As a group, equities analysts anticipate that Bank of America Corp will post 2.55 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 7th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.12%. This is a boost from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, September 6th. Bank of America’s dividend payout ratio is currently 32.79%.

Bank of America announced that its Board of Directors has authorized a stock buyback program on Thursday, June 28th that permits the company to buyback $20.60 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

BAC has been the topic of a number of analyst reports. Wolfe Research initiated coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. BMO Capital Markets upped their target price on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Bank of America has a consensus rating of “Buy” and a consensus price target of $34.19.

In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the sale, the insider now directly owns 483,680 shares of the company’s stock, valued at $15,289,124.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is currently owned by corporate insiders.

Bank of America Company Profile

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.

Recommended Story: How are the companies in the S&P 500 selected?

Institutional Ownership by Quarter for Bank of America (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.