Granite Point Capital Management L.P. Has $2.37 Million Holdings in Bank of America Corp (NYSE:BAC)

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.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The business had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. During the same quarter in the prior year, the business posted $0.41 EPS. Bank of America’s revenue for the quarter was up 2.1% compared to the same quarter last year. research analysts anticipate that Bank of America Corp will post 1.81 earnings per share for the current fiscal year.

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.

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

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