Trexquant Investment LP Sells 132,300 Shares of Bank of America Corporation (NYSE:BAC)

Trexquant Investment LP decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 78.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,000 shares of the financial services provider’s stock after selling 132,300 shares during the period. Trexquant Investment LP’s holdings in Bank of America Corporation were worth $849,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in BAC. E&G Advisors LP raised its position in Bank of America Corporation by 17.3% in the first quarter. E&G Advisors LP now owns 77,370 shares of the financial services provider’s stock worth $1,825,000 after buying an additional 11,435 shares during the last quarter. Adirondack Trust Co. raised its position in Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock worth $140,000 after buying an additional 519 shares during the last quarter. Park National Corp OH raised its position in Bank of America Corporation by 0.8% in the first quarter. Park National Corp OH now owns 841,364 shares of the financial services provider’s stock worth $19,848,000 after buying an additional 6,465 shares during the last quarter. Ibex Wealth Advisors raised its position in Bank of America Corporation by 324.3% in the fourth quarter. Ibex Wealth Advisors now owns 48,413 shares of the financial services provider’s stock worth $1,096,000 after buying an additional 37,004 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in Bank of America Corporation by 1.5% in the first quarter. Nisa Investment Advisors LLC now owns 3,741,987 shares of the financial services provider’s stock worth $88,271,000 after buying an additional 55,953 shares during the last quarter. Institutional investors and hedge funds own 66.27% of the company’s stock.

Bank of America Corporation (NYSE BAC) opened at 24.97 on Friday. Bank of America Corporation has a 12-month low of $14.10 and a 12-month high of $25.80. The firm has a market capitalization of $262.60 billion, a PE ratio of 14.87 and a beta of 1.27. The company has a 50-day moving average price of $24.01 and a 200-day moving average price of $23.69.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same quarter last year, the business earned $0.41 earnings per share. Bank of America Corporation’s revenue was up 7.1% compared to the same quarter last year. On average, analysts predict that Bank of America Corporation will post $1.82 earnings per share for the current year.

Bank of America Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.92%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is 17.86%.

BAC has been the subject of a number of recent research reports. Vining Sparks upgraded Bank of America Corporation to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Wednesday, April 19th. Nomura restated a “buy” rating on shares of Bank of America Corporation in a research note on Wednesday, April 19th. Credit Suisse Group restated a “buy” rating on shares of Bank of America Corporation in a research note on Sunday, June 4th. Barclays PLC restated an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Bank of America Corporation in a research note on Saturday, April 22nd. Finally, BMO Capital Markets restated a “hold” rating and issued a $21.00 price target on shares of Bank of America Corporation in a research note on Tuesday, April 11th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company’s stock. Bank of America Corporation presently has a consensus rating of “Buy” and a consensus price target of $23.74.

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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