Pzena Investment Management LLC Sells 57,341 Shares of Bank of America Corporation $BAC

Pzena Investment Management LLC lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,422,754 shares of the financial services provider’s stock after selling 57,341 shares during the quarter. Bank of America accounts for approximately 1.0% of Pzena Investment Management LLC’s holdings, making the stock its 29th largest holding. Pzena Investment Management LLC owned 0.09% of Bank of America worth $313,109,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter worth about $4,774,210,000. Capital International Investors acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Bank of America by 640.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after purchasing an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. increased its stake in Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after purchasing an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. raised its holdings in Bank of America by 914.5% during the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock worth $1,380,239,000 after buying an additional 22,621,546 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.27% of the stock is currently owned by company insiders.

Bank of America Stock Up 2.4%

BAC stock opened at $58.36 on Thursday. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $59.19. The company has a market cap of $414.19 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 0.96 and a beta of 1.18. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The business has a 50 day moving average price of $53.60 and a two-hundred day moving average price of $52.75.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS. Analysts anticipate that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

Analyst Ratings Changes

Several research analysts have recently weighed in on BAC shares. Evercore reduced their price target on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a report on Friday, May 15th. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Morgan Stanley upped their target price on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday. Jefferies Financial Group increased their target price on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $61.60.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analysts turned more constructive on Bank of America ahead of Q2 results, citing strong earnings expectations and raising price targets. Is Bank of America (BAC) the Most Undervalued American Stock to Invest In?
• Positive Sentiment: Bank of America is expected to deliver another solid quarter, with consensus calling for higher profit and revenue on July 14. Bank of America Likely To Report Higher Q2 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Neutral Sentiment: Senate Democrats asked the Fed’s inspector general to review whether a Fed vice chair’s attendance at a private Bank of America client dinner broke rules; this is a reputational headline, but it does not appear to involve the bank’s operations directly. US Senator Warren calls for Fed watchdog review of Bowman’s BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was fined $7.5 million by the SEC over suspicious activity report failures, adding a modest regulatory overhang. Bank of America’s Merrill Lynch unit fined $7.5M by U.S. SEC

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.