Stoneridge Investment Partners LLC Reduces Position in Bank of America Corporation (BAC)

Stoneridge Investment Partners LLC reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 490,523 shares of the financial services provider’s stock after selling 171 shares during the quarter. Bank of America Corporation comprises 1.8% of Stoneridge Investment Partners LLC’s investment portfolio, making the stock its 7th biggest position. Stoneridge Investment Partners LLC’s holdings in Bank of America Corporation were worth $11,900,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. Aveo Capital Partners LLC lifted its stake in shares of Bank of America Corporation by 1.7% during the 2nd quarter. Aveo Capital Partners LLC now owns 8,944 shares of the financial services provider’s stock valued at $217,000 after buying an additional 149 shares in the last quarter. Summit Financial Group Inc. purchased a new stake in Bank of America Corporation in the 2nd quarter worth approximately $392,000. Legacy Capital Partners Inc. lifted its stake in Bank of America Corporation by 8.3% in the 2nd quarter. Legacy Capital Partners Inc. now owns 76,515 shares of the financial services provider’s stock worth $1,856,000 after purchasing an additional 5,850 shares in the last quarter. Global X Management Co. LLC lifted its stake in Bank of America Corporation by 8.7% in the 2nd quarter. Global X Management Co. LLC now owns 104,523 shares of the financial services provider’s stock worth $2,536,000 after purchasing an additional 8,353 shares in the last quarter. Finally, Financial Advisory Service Inc. lifted its stake in Bank of America Corporation by 2.2% in the 2nd quarter. Financial Advisory Service Inc. now owns 20,583 shares of the financial services provider’s stock worth $499,000 after purchasing an additional 445 shares in the last quarter. Institutional investors own 61.64% of the company’s stock.

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Bank of America Corporation (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 EPS.

The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.89%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date was Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is presently 28.57%.

Bank of America Corporation announced that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $12.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Several analysts have recently weighed in on BAC shares. Vetr upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a research report on Wednesday, August 30th. Instinet restated a “buy” rating and set a $27.00 price objective on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Wells Fargo & Company started coverage on shares of Bank of America Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price objective on the stock. Buckingham Research restated a “buy” rating and set a $30.00 price objective (up previously from $27.00) on shares of Bank of America Corporation in a research report on Monday, July 10th. Finally, Zacks Investment Research cut shares of Bank of America Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. Bank of America Corporation has an average rating of “Buy” and an average target price of $24.88.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the sale, the director now directly owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.18% of the company’s stock.

Bank of America Corporation Company Profile

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 Corporation (NYSE:BAC)

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