Bank of America Corporation (NYSE:BAC) is Continental Advisors LLC’s 7th Largest Position

Continental Advisors LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 21.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 412,500 shares of the financial services provider’s stock after selling 110,000 shares during the period. Bank of America Corporation accounts for approximately 2.2% of Continental Advisors LLC’s holdings, making the stock its 7th largest position. Continental Advisors LLC’s holdings in Bank of America Corporation were worth $9,731,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BAC. Logan Capital Management Inc. raised its position in shares of Bank of America Corporation by 0.4% in the first quarter. Logan Capital Management Inc. now owns 14,632 shares of the financial services provider’s stock worth $345,000 after buying an additional 61 shares during the period. Bronson Point Management LLC acquired a new position in shares of Bank of America Corporation during the first quarter worth approximately $1,769,000. HighVista Strategies LLC acquired a new position in shares of Bank of America Corporation during the first quarter worth approximately $3,546,000. Schwab Charles Investment Management Inc. raised its position in shares of Bank of America Corporation by 1.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 32,935,455 shares of the financial services provider’s stock worth $776,948,000 after buying an additional 384,349 shares during the period. Finally, Brown Advisory Securities LLC raised its position in shares of Bank of America Corporation by 10.1% in the first quarter. Brown Advisory Securities LLC now owns 34,577 shares of the financial services provider’s stock worth $811,000 after buying an additional 3,159 shares during the period. 66.42% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Bank of America Corporation (NYSE:BAC) traded down 1.13% during midday trading on Thursday, hitting $24.46. The stock had a trading volume of 24,293,244 shares. Bank of America Corporation has a one year low of $14.70 and a one year high of $25.80. The firm’s 50-day moving average is $24.20 and its 200 day moving average is $23.77. The company has a market capitalization of $257.23 billion, a PE ratio of 14.57 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. Bank of America Corporation’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. Equities analysts expect that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a dividend of $0.12 per share. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is currently 17.86%.

Bank of America Corporation declared that its board has authorized a stock repurchase program on Wednesday, June 28th that permits the company to buyback $12.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

WARNING: This report was originally posted by Ticker Report and is the sole property of of Ticker Report. If you are accessing this report on another site, it was illegally copied and reposted in violation of US and international trademark and copyright law. The correct version of this report can be viewed at https://www.tickerreport.com/banking-finance/2800218/bank-of-america-corporation-nysebac-is-continental-advisors-llcs-7th-largest-position.html.

A number of research analysts have recently commented on the company. Wells Fargo & Company assumed coverage on Bank of America Corporation in a report on Wednesday. They set an “outperform” rating and a $30.00 price target on the stock. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Instinet reissued a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a report on Saturday, July 22nd. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $30.00 price target (up from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Finally, UBS AG reissued a “neutral” rating and set a $26.00 price target on shares of Bank of America Corporation in a report on Friday, July 21st. One analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $23.94.

About Bank of America Corporation

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC).

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

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

How to Trade on Forex – 8 Steps for Beginners
How to Trade on Forex – 8 Steps for Beginners
Super Nintendo World Theme Park Officially Starts Construction
Super Nintendo World Theme Park Officially Starts Construction
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Camera Zooms In and Can Recognize Faces
Camera Zooms In and Can Recognize Faces
Netflix Could See 150 Million Worldwide Subscribers
Netflix Could See 150 Million Worldwide Subscribers
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back


Leave a Reply

© 2006-2017 Ticker Report. Google+.