Auxier Asset Management Has $8.07 Million Stock Holdings in Bank of America Corp (NYSE:BAC)

Auxier Asset Management trimmed its position in shares of Bank of America Corp (NYSE:BAC) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 339,972 shares of the financial services provider’s stock after selling 460 shares during the quarter. Bank of America makes up 1.8% of Auxier Asset Management’s holdings, making the stock its 14th biggest holding. Auxier Asset Management’s holdings in Bank of America were worth $8,074,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BAC. Public Employees Retirement Association of Colorado boosted its stake in shares of Bank of America by 2.1% during the first quarter. Public Employees Retirement Association of Colorado now owns 1,619,446 shares of the financial services provider’s stock valued at $34,381,000 after purchasing an additional 32,773 shares in the last quarter. Aptus Capital Advisors LLC boosted its stake in shares of Bank of America by 11.6% during the first quarter. Aptus Capital Advisors LLC now owns 15,200 shares of the financial services provider’s stock valued at $322,000 after purchasing an additional 1,579 shares in the last quarter. Tiedemann Advisors LLC acquired a new stake in shares of Bank of America during the first quarter valued at about $268,000. Bartlett & Co. LLC acquired a new stake in shares of Bank of America during the first quarter valued at about $505,000. Finally, Marble Harbor Investment Counsel LLC boosted its stake in shares of Bank of America by 4.4% during the first quarter. Marble Harbor Investment Counsel LLC now owns 24,698 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 1,030 shares in the last quarter. 68.19% of the stock is currently owned by hedge funds and other institutional investors.

BAC has been the subject of a number of analyst reports. TheStreet upgraded Bank of America from a “c+” rating to a “b-” rating in a research report on Tuesday, August 25th. Royal Bank of Canada restated a “buy” rating and set a $28.00 price objective on shares of Bank of America in a research report on Monday, July 20th. DA Davidson downgraded Bank of America from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $27.00 to $25.00 in a research report on Thursday, July 9th. Wells Fargo & Company downgraded Bank of America to a “sell” rating in a research report on Friday, July 10th. Finally, Deutsche Bank upgraded Bank of America from a “hold” rating to a “buy” rating and raised their price objective for the stock from $27.00 to $29.00 in a research report on Thursday, September 3rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and a consensus target price of $29.61.

Bank of America stock traded up $0.25 during mid-day trading on Monday, reaching $25.75. The stock had a trading volume of 47,584,293 shares, compared to its average volume of 72,809,367. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.92 and a current ratio of 0.93. Bank of America Corp has a fifty-two week low of $17.95 and a fifty-two week high of $35.72. The stock’s 50-day simple moving average is $25.58 and its 200-day simple moving average is $24.39. The firm has a market capitalization of $223.10 billion, a PE ratio of 12.54, a price-to-earnings-growth ratio of 2.24 and a beta of 1.54.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.09. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The firm had revenue of $22.30 billion during the quarter, compared to analysts’ expectations of $21.71 billion. During the same quarter last year, the firm posted $0.74 earnings per share. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. On average, research analysts forecast that Bank of America Corp will post 1.62 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a $0.18 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 2.80%. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.

In other news, major shareholder Berkshire Hathaway Inc acquired 13,584,301 shares of Bank of America stock in a transaction on Tuesday, August 4th. The stock was purchased at an average price of $24.81 per share, with a total value of $337,026,507.81. Insiders acquired 85,092,006 shares of company stock valued at $2,070,253,228 in the last three months. Insiders own 0.20% of the company’s stock.

Bank of America 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.

Further Reading: Leveraged Buyout (LBO) Explained

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

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