Bank of America Corporation (BAC) Sees Large Decline in Short Interest
Bank of America Corporation (NYSE:BAC) was the target of a significant decline in short interest in October. As of October 13th, there was short interest totalling 114,176,728 shares, a decline of 5.0% from the September 29th total of 120,242,149 shares. Based on an average trading volume of 56,268,035 shares, the short-interest ratio is presently 2.0 days. Currently, 1.2% of the company’s stock are short sold.
In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.18% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Bank of America Corporation by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after buying an additional 9,117,007 shares in the last quarter. Korea Investment CORP raised its stake in Bank of America Corporation by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after purchasing an additional 390,771 shares in the last quarter. Boston Partners raised its stake in Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock valued at $1,778,802,000 after purchasing an additional 368,898 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in Bank of America Corporation by 1.7% in the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Bank of America Corporation by 2.0% in the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after purchasing an additional 1,007,405 shares in the last quarter. 61.53% of the stock is owned by institutional investors.
BAC has been the topic of several recent analyst reports. Vetr upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $26.59 target price on the stock in a research report on Monday, October 16th. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. CIBC restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 4th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $28.00 price objective on shares of Bank of America Corporation in a research note on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have assigned a buy rating and three have issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $25.47.
Shares of Bank of America Corporation (BAC) opened at 27.80 on Monday. The company has a market cap of $292.36 billion, a price-to-earnings ratio of 15.91 and a beta of 1.25. The firm has a 50-day moving average of $25.63 and a 200 day moving average of $24.19. Bank of America Corporation has a one year low of $16.28 and a one year high of $27.98.
Bank of America Corporation (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The company had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same quarter last year, the firm earned $0.41 earnings per share. The company’s revenue was up 2.1% on a year-over-year basis. Equities research analysts anticipate that Bank of America Corporation will post $1.82 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is currently 27.43%.
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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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