Granite Point Capital Management L.P. decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 5.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 97,500 shares of the financial services provider’s stock after selling 6,000 shares during the quarter. Bank of America comprises about 0.6% of Granite Point Capital Management L.P.’s portfolio, making the stock its 24th biggest holding. Granite Point Capital Management L.P.’s holdings in Bank of America were worth $2,365,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently bought and sold shares of BAC. Investec Asset Management LTD grew its holdings in shares of Bank of America by 163.4% during the 1st quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock worth $248,655,000 after acquiring an additional 6,538,908 shares during the period. Schroder Investment Management Group increased its holdings in Bank of America by 70.4% during the 2nd quarter. Schroder Investment Management Group now owns 10,606,202 shares of the financial services provider’s stock valued at $257,942,000 after acquiring an additional 4,381,323 shares in the last quarter. Karp Capital Management Corp purchased a new position in Bank of America during the 1st quarter valued at about $91,522,000. APG Asset Management N.V. increased its holdings in Bank of America 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. Finally, Artisan Partners Limited Partnership increased its holdings in Bank of America by 56.2% during the 1st quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock valued at $246,799,000 after acquiring an additional 3,764,582 shares in the last quarter. 68.28% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Bank of America Corp (NYSE:BAC) opened at $28.93 on Wednesday. Bank of America Corp has a 12 month low of $21.72 and a 12 month high of $29.31. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $303,113.53, a price-to-earnings ratio of 16.61, a PEG ratio of 2.01 and a beta of 1.31.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.66%. Bank of America’s payout ratio is presently 27.43%.
BAC has been the subject of several recent research reports. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price for the company in a report on Monday, October 16th. Jefferies Group restated a “buy” rating and set a $28.00 target price on shares of Bank of America in a report on Friday, August 11th. Deutsche Bank restated a “hold” rating and set a $25.00 target price (up from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Finally, Royal Bank Of Canada lifted their price target on shares of Bank of America from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Monday, October 16th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $26.25.
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About Bank of America
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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