Cambridge Trust Co. Cuts Stake in Bank of America Corp (BAC)

Cambridge Trust Co. lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 16.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,961 shares of the financial services provider’s stock after selling 4,500 shares during the period. Cambridge Trust Co.’s holdings in Bank of America were worth $581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in BAC. Janus Henderson Group PLC increased its stake in shares of Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after purchasing an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after acquiring an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. grew its stake in Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after acquiring an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in Bank of America by 52.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after acquiring an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD grew its stake in Bank of America by 68.6% during the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after acquiring an additional 7,231,615 shares in the last quarter. 68.42% of the stock is owned by institutional investors and hedge funds.

Bank of America Corp (NYSE BAC) opened at $30.33 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The firm has a market cap of $316,360.00, a PE ratio of 17.63, a price-to-earnings-growth ratio of 1.68 and a beta of 1.32. Bank of America Corp has a fifty-two week low of $22.01 and a fifty-two week high of $30.44.

Bank of America (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. Bank of America’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.41 EPS. equities research analysts predict that Bank of America Corp will post 1.79 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock repurchase program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.58%. Bank of America’s payout ratio is 27.91%.

Several brokerages recently issued reports on BAC. BidaskClub raised shares of Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. BMO Capital Markets reaffirmed a “market perform” rating and set a $29.00 price objective (up previously from $27.00) on shares of Bank of America in a research note on Monday, October 16th. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research note on Friday, December 8th. Barclays upped their price objective on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $27.50.

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About Bank of America

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.

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

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