Thompson Siegel & Walmsley LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Thompson Siegel & Walmsley LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 1.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 289,995 shares of the financial services provider’s stock after selling 3,793 shares during the quarter. Thompson Siegel & Walmsley LLC’s holdings in Bank of America were worth $11,533,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the last quarter. AMF Tjanstepension AB lifted its stake in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after purchasing an additional 8,447,091 shares during the period. Finally, Swedbank AB acquired a new stake in shares of Bank of America during the first quarter worth $261,923,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on BAC. Royal Bank of Canada upped their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. BMO Capital Markets increased their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Jefferies Financial Group raised their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, Evercore ISI lifted their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.22.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The disclosure for this sale can be found here. Insiders sold 114,391,986 shares of company stock worth $4,719,796,383 over the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $38.65 on Monday. The company has a market cap of $299.91 billion, a P/E ratio of 13.37, a PEG ratio of 1.40 and a beta of 1.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The business’s 50-day simple moving average is $40.14 and its 200 day simple moving average is $38.74. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 earnings per share. On average, sell-side analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

About Bank of America

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.