Poplar Forest Capital LLC reduced its holdings in shares of Bank of America Corp (NYSE:BAC) by 18.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,692,002 shares of the financial services provider’s stock after selling 380,714 shares during the quarter. Bank of America comprises 3.6% of Poplar Forest Capital LLC’s investment portfolio, making the stock its 11th biggest position. Poplar Forest Capital LLC’s holdings in Bank of America were worth $49,068,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in BAC. Daily Journal Corp lifted its stake in shares of Bank of America by 9,900.0% during the 2nd 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 in the last quarter. Norges Bank purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $2,656,024,000. Great West Life Assurance Co. Can purchased a new stake in shares of Bank of America during the 2nd quarter valued at approximately $239,996,000. Millennium Management LLC lifted its stake in shares of Bank of America by 92.4% during the 4th quarter. Millennium Management LLC now owns 7,969,307 shares of the financial services provider’s stock valued at $196,364,000 after buying an additional 3,827,667 shares in the last quarter. Finally, Schafer Cullen Capital Management Inc purchased a new stake in shares of Bank of America during the 2nd quarter valued at approximately $102,186,000. Institutional investors own 69.50% of the company’s stock.
BAC has been the topic of a number of recent research reports. JPMorgan Chase & Co. dropped their price target on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research note on Tuesday, July 9th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a report on Wednesday, July 10th. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday. Finally, Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $32.00 to $36.00 in a report on Friday, July 26th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $32.89.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.63 EPS. As a group, equities research analysts predict that Bank of America Corp will post 2.83 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a $0.18 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.66%. Bank of America’s dividend payout ratio is presently 22.99%.
Bank of America declared that its Board of Directors has approved a share buyback program on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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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