Engineers Gate Manager LP Has $2 Million Position in Bank of America Corporation (BAC)

Engineers Gate Manager LP lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 40.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,579 shares of the financial services provider’s stock after selling 55,417 shares during the quarter. Engineers Gate Manager LP’s holdings in Bank of America Corporation were worth $2,003,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Korea Investment CORP grew its stake in Bank of America Corporation by 0.5% during the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after acquiring an additional 390,771 shares in the last quarter. Legal & General Group Plc grew its stake in Bank of America Corporation by 2.0% during the 2nd 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 acquiring an additional 1,007,405 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in Bank of America Corporation by 0.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 33,108,834 shares of the financial services provider’s stock valued at $803,221,000 after acquiring an additional 173,379 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Bank of America Corporation by 1.9% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 30,340,696 shares of the financial services provider’s stock valued at $736,065,000 after acquiring an additional 553,349 shares in the last quarter. Finally, APG Asset Management N.V. grew its stake in Bank of America Corporation by 14.8% during the 2nd quarter. APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider’s stock valued at $729,124,000 after acquiring an additional 3,868,186 shares in the last quarter. 62.19% of the stock is currently owned by institutional investors.

Shares of Bank of America Corporation (NYSE BAC) opened at $26.62 on Friday. Bank of America Corporation has a 1 year low of $19.87 and a 1 year high of $27.98. The firm has a market capitalization of $277,662.84, a price-to-earnings ratio of 15.21, a price-to-earnings-growth ratio of 1.84 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. During the same period in the prior year, the business posted $0.41 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. equities research analysts anticipate that Bank of America Corporation will post 1.8 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio (DPR) is 27.43%.

ILLEGAL ACTIVITY WARNING: “Engineers Gate Manager LP Has $2 Million Position in Bank of America Corporation (BAC)” was originally reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are reading this story on another domain, it was copied illegally and republished in violation of United States & international copyright and trademark laws. The correct version of this story can be accessed at https://stocknewstimes.com/2017/11/19/engineers-gate-manager-lp-has-2-million-position-in-bank-of-america-corporation-bac.html.

Several equities research analysts recently commented on the company. Vetr raised Bank of America Corporation from a “hold” rating to a “buy” rating and set a $26.59 price target for the company in a research note on Monday, October 16th. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price target on shares of Bank of America Corporation in a research note on Friday, August 11th. Deutsche Bank AG reissued a “hold” rating and issued a $25.00 price target (up previously from $23.00) on shares of Bank of America Corporation in a research note on Tuesday, September 26th. Finally, Royal Bank Of Canada boosted their price target on Bank of America Corporation from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Monday, October 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $25.82.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC).

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

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply