80,126 Bank of America Corporation $BAC Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management reduced its Bank of America stake by 5.5%, selling 80,126 shares in the third quarter and retaining 1.39 million shares valued at approximately $75.4 million.
• Bank of America reported quarterly EPS of $1.08, slightly below the $1.10 analyst consensus, while revenue rose 3.2% year over year to $29.96 billion. The company raised its quarterly dividend to $0.32 per share, representing a 2.5% yield.
• Despite recent price-target reductions, analysts maintain a “Moderate Buy” consensus, with 20 Buy ratings, six Holds, and an average target price of $62.52; institutional investors and hedge funds own 70.71% of the stock.

Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 5.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,385,321 shares of the financial services provider's stock after selling 80,126 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Bank of America were worth $75,403,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of BAC. Vestia Personal Wealth Advisors grew its stake in Bank of America by 6.2% during the third quarter. Vestia Personal Wealth Advisors now owns 3,871 shares of the financial services provider's stock worth $211,000 after buying an additional 226 shares during the last quarter. CWA Asset Management Group LLC increased its holdings in shares of Bank of America by 6.5% during the third quarter. CWA Asset Management Group LLC now owns 198,389 shares of the financial services provider's stock worth $10,798,000 after buying an additional 12,192 shares in the last quarter. CFS Investment Advisory Services LLC increased its holdings in shares of Bank of America by 5.5% during the third quarter. CFS Investment Advisory Services LLC now owns 40,560 shares of the financial services provider's stock worth $2,194,000 after buying an additional 2,117 shares in the last quarter. Tanager Wealth Management LLP raised its stake in shares of Bank of America by 17.5% in the third quarter. Tanager Wealth Management LLP now owns 4,396 shares of the financial services provider's stock valued at $239,000 after acquiring an additional 654 shares during the last quarter. Finally, Hidden Cove Wealth Management LLC raised its stake in shares of Bank of America by 60.7% in the third quarter. Hidden Cove Wealth Management LLC now owns 6,648 shares of the financial services provider's stock valued at $362,000 after acquiring an additional 2,511 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC stock opened at $50.38 on Tuesday. The business's fifty day moving average is $58.78 and its 200-day moving average is $56.76. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. The company has a market cap of $352.26 billion, a P/E ratio of 11.97, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing analysts' consensus estimates of $1.10 by ($0.02). Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The company had revenue of $29.96 billion for the quarter, compared to analyst estimates of $30.58 billion. During the same period last year, the firm earned $1.06 earnings per share. The firm's revenue for the quarter was up 3.2% on a year-over-year basis. Equities research analysts forecast that Bank of America Corporation will post 4.54 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.5%. Bank of America's payout ratio is currently 30.40%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BAC. JPMorgan Chase & Co. decreased their price target on Bank of America from $68.00 to $62.00 and set an "overweight" rating on the stock in a research report on Friday, October 2nd. Wells Fargo & Company cut their price objective on Bank of America from $69.00 to $64.00 and set an "overweight" rating for the company in a research report on Thursday. Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Royal Bank Of Canada decreased their target price on Bank of America from $65.00 to $60.00 and set an "outperform" rating on the stock in a report on Thursday. Finally, Barclays lowered their target price on Bank of America from $72.00 to $68.00 and set an "overweight" rating for the company in a research note on Thursday. Twenty research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $62.52.

Bank of America News Roundup

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analysts at Morgan Stanley reportedly believe much of the regulatory and earnings-related bad news may already be reflected in the share price, arguing that BAC could have meaningful upside if its operating performance improves. Bank of America's bad news may not be what investors think
• Positive Sentiment: Bank of America has reduced its share count by nearly one-third over the past decade, highlighting a long-term capital-allocation benefit for remaining shareholders. Bank of America Has Cut Its Share Count by Nearly a Third in 10 Years
• Positive Sentiment: Bank of America analysts continue to see a case for an October Federal Reserve rate hike, which could support bank net-interest income if higher rates persist. Why BofA still sees an October Fed rate hike

Bank of America Profile

Bank of America Corporation NYSE: BAC is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company's consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.

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