Robeco Institutional Asset Management B.V. Sells 401,073 Shares of Bank of America Corporation $BAC

Key Points

• Robeco Institutional Asset Management B.V. reduced its stake in Bank of America by 6.3%, selling 401,073 shares to hold a total of 6,004,993 shares valued at approximately $284 million.
• Bank of America announced a quarterly dividend increase to $0.28 per share, representing an annualized yield of 2.2%, and authorized a significant share repurchase plan worth $40 billion.
• Recent analyst reports show that 17 analysts rated Bank of America as a "Buy," while indicating a consensus price target of $52.78 for the stock.

Robeco Institutional Asset Management B.V. reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 6.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,004,993 shares of the financial services provider's stock after selling 401,073 shares during the quarter. Robeco Institutional Asset Management B.V. owned 0.08% of Bank of America worth $284,156,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BSW Wealth Partners bought a new position in shares of Bank of America during the second quarter valued at about $227,000. Woodward Diversified Capital LLC grew its stake in shares of Bank of America by 28.2% in the second quarter. Woodward Diversified Capital LLC now owns 39,544 shares of the financial services provider's stock worth $1,871,000 after purchasing an additional 8,709 shares during the last quarter. New Wave Wealth Advisors LLC bought a new stake in shares of Bank of America in the second quarter worth about $754,000. Community Financial Services Group LLC grew its stake in shares of Bank of America by 3.5% in the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider's stock worth $8,000,000 after purchasing an additional 5,787 shares during the last quarter. Finally, B.O.S.S. Retirement Advisors LLC bought a new stake in shares of Bank of America in the second quarter worth about $292,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. The Goldman Sachs Group set a $55.00 target price on Bank of America in a research note on Tuesday. HSBC cut Bank of America from a "buy" rating to a "hold" rating and raised their target price for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Royal Bank Of Canada raised their target price on Bank of America from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday. Wells Fargo & Company raised their target price on Bank of America from $56.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Finally, Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.78.

Bank of America Stock Performance

Shares of BAC opened at $50.67 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The business's 50 day moving average price is $49.29 and its 200-day moving average price is $45.13. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The stock has a market cap of $375.29 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.00 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the previous year, the firm posted $0.83 EPS. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, September 5th. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is presently 32.75%.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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