Psagot Investment House Ltd. Sells 471,722 Shares of Bank of America Corp (NYSE:BAC)

Psagot Investment House Ltd. cut its stake in Bank of America Corp (NYSE:BAC) by 54.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 398,226 shares of the financial services provider’s stock after selling 471,722 shares during the quarter. Psagot Investment House Ltd.’s holdings in Bank of America were worth $10,987,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Squar Milner Financial Services LLC boosted its position in Bank of America by 1.3% during the 1st quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock worth $737,000 after acquiring an additional 348 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its holdings in shares of Bank of America by 3.8% in the 4th quarter. Pinnacle Wealth Management Advisory Group LLC now owns 9,573 shares of the financial services provider’s stock valued at $236,000 after buying an additional 350 shares during the last quarter. Abbot Financial Management Inc. boosted its holdings in shares of Bank of America by 0.3% in the 4th quarter. Abbot Financial Management Inc. now owns 126,174 shares of the financial services provider’s stock valued at $3,109,000 after buying an additional 356 shares during the last quarter. Barber Financial Group Inc. boosted its holdings in shares of Bank of America by 2.1% in the 1st quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock valued at $473,000 after buying an additional 360 shares during the last quarter. Finally, Cahill Financial Advisors Inc. boosted its holdings in shares of Bank of America by 4.1% in the 4th quarter. Cahill Financial Advisors Inc. now owns 9,391 shares of the financial services provider’s stock valued at $232,000 after buying an additional 369 shares during the last quarter. 68.19% of the stock is owned by institutional investors and hedge funds.

Several research analysts have weighed in on BAC shares. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a research report on Monday, June 17th. Berenberg Bank set a $30.00 price objective on Bank of America and gave the stock a “hold” rating in a research report on Monday, June 17th. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 13th. Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective on the stock. in a research report on Tuesday, April 30th. Finally, Jefferies Financial Group cut Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective on the stock. in a research report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. Bank of America presently has an average rating of “Hold” and an average target price of $32.75.

NYSE:BAC traded up $0.42 during trading hours on Monday, hitting $29.42. The company’s stock had a trading volume of 48,010,435 shares, compared to its average volume of 57,420,898. The stock has a fifty day simple moving average of $28.11. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.91. The stock has a market capitalization of $275.74 billion, a P/E ratio of 11.27, a P/E/G ratio of 1.13 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.05. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The firm had revenue of $23 billion for the quarter, compared to analyst estimates of $23.24 billion. During the same period last year, the firm posted $0.62 earnings per share. The business’s revenue for the quarter was down .4% on a year-over-year basis. Equities research analysts forecast that Bank of America Corp will post 2.85 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Thursday, June 6th. Bank of America’s payout ratio is 22.99%.

Bank of America announced that its Board of Directors has authorized a share buyback program on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

In other news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the sale, the insider now directly owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.17% of the company’s stock.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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