United Services Automobile Association Sells 510,865 Shares of Bank of America Corp (BAC)

United Services Automobile Association trimmed its position in Bank of America Corp (NYSE:BAC) by 5.7% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 8,425,968 shares of the financial services provider’s stock after selling 510,865 shares during the period. Bank of America comprises approximately 0.6% of United Services Automobile Association’s holdings, making the stock its 24th largest holding. United Services Automobile Association owned about 0.08% of Bank of America worth $248,229,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Martin Investment Management LLC boosted its position in shares of Bank of America by 0.4% in the 2nd quarter. Martin Investment Management LLC now owns 453,072 shares of the financial services provider’s stock worth $12,772,000 after purchasing an additional 1,701 shares during the last quarter. Hartford Financial Management Inc. lifted its holdings in Bank of America by 7.7% during the second quarter. Hartford Financial Management Inc. now owns 23,689 shares of the financial services provider’s stock worth $668,000 after acquiring an additional 1,703 shares in the last quarter. Reliant Investment Management LLC lifted its holdings in Bank of America by 1.7% during the second quarter. Reliant Investment Management LLC now owns 103,355 shares of the financial services provider’s stock worth $2,914,000 after acquiring an additional 1,745 shares in the last quarter. Joel Isaacson & Co. LLC lifted its holdings in Bank of America by 1.8% during the third quarter. Joel Isaacson & Co. LLC now owns 101,328 shares of the financial services provider’s stock worth $2,985,000 after acquiring an additional 1,779 shares in the last quarter. Finally, Partnervest Advisory Services LLC lifted its holdings in Bank of America by 6.0% during the second quarter. Partnervest Advisory Services LLC now owns 32,638 shares of the financial services provider’s stock worth $920,000 after acquiring an additional 1,847 shares in the last quarter. Hedge funds and other institutional investors own 64.39% of the company’s stock.

Several research firms have weighed in on BAC. BMO Capital Markets lifted their target price on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a report on Tuesday, October 16th. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Credit Suisse Group reduced their target price on Bank of America from $36.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Wolfe Research began coverage on Bank of America in a report on Tuesday, September 25th. They set an “outperform” rating on the stock. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $34.55.

BAC opened at $25.43 on Friday. Bank of America Corp has a 1 year low of $25.30 and a 1 year high of $33.05. The stock has a market capitalization of $269.20 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.29 and a beta of 1.27. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.04. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The firm had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. During the same quarter last year, the business posted $0.48 EPS. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, analysts expect that Bank of America Corp will post 2.55 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Thursday, December 6th. Bank of America’s dividend payout ratio is 32.79%.

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About Bank of America

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.

Further Reading: Can individual investors take part in an IPO?

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

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