Packer & Co Ltd decreased its holdings in Bank of America Corp (NYSE:BAC) by 5.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,929,400 shares of the financial services provider’s stock after selling 110,000 shares during the quarter. Bank of America comprises approximately 5.7% of Packer & Co Ltd’s investment portfolio, making the stock its 3rd largest holding. Packer & Co Ltd’s holdings in Bank of America were worth $56,281,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the stock. Daily Journal Corp increased its holdings in Bank of America by 9,900.0% in the second quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after buying an additional 227,700,000 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Bank of America by 35.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock valued at $2,165,116,000 after buying an additional 19,688,816 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Bank of America by 1,905.2% in the second quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock valued at $1,741,604,000 after buying an additional 57,060,331 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Bank of America by 2.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 40,115,997 shares of the financial services provider’s stock valued at $1,163,364,000 after buying an additional 773,712 shares during the last quarter. Finally, Primecap Management Co. CA increased its holdings in Bank of America by 1.6% in the second quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock valued at $1,055,666,000 after buying an additional 573,200 shares during the last quarter. Institutional investors and hedge funds own 68.48% of the company’s stock.

In related news, major shareholder Of America Corp /De/ Bank bought 5,370 shares of the stock in a transaction dated Monday, August 26th. The stock was bought at an average cost of $11.83 per share, with a total value of $63,527.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Several analysts recently weighed in on BAC shares. Berenberg Bank set a $30.00 price objective on Bank of America and gave the company a “hold” rating in a report on Monday, June 17th. Wells Fargo & Co set a $34.00 price objective on Bank of America and gave the company a “buy” rating in a report on Friday, August 16th. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a report on Monday, June 17th. Raymond James lowered Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Finally, Morgan Stanley lowered their target price on Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, October 4th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. Bank of America presently has an average rating of “Hold” and a consensus target price of $32.29.

Shares of NYSE:BAC traded up $0.28 during trading on Wednesday, hitting $27.91. 554,084 shares of the company traded hands, compared to its average volume of 56,459,375. The stock has a market capitalization of $257.19 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 1.15 and a beta of 1.60. The business’s fifty day moving average is $28.35 and its 200-day moving average is $28.71. Bank of America Corp has a one year low of $22.66 and a one year high of $31.17. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The company had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.63 earnings per share. On average, analysts forecast that Bank of America Corp will post 2.75 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.58%. Bank of America’s dividend payout ratio is 27.59%.

Bank of America 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.

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

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