Bank Of America Corp (BAC) Stock Price Declined While Panagora Asset Management INC Increased Its Holding

May 16, 2018 - By Hannah Black

Bank of America Corporation (NYSE:BAC) LogoInvestors sentiment increased to 1.19 in Q4 2017. Its up 0.15, from 1.04 in 2017Q3. It is positive, as 66 investors sold BAC shares while 561 reduced holdings. 162 funds opened positions while 585 raised stakes. 6.85 billion shares or 0.98% less from 6.91 billion shares in 2017Q3 were reported. 1.06M are held by Birch Hill Invest Advsr. Kames Public Ltd Llc holds 1.63% in Bank of America Corporation (NYSE:BAC) or 2.18 million shares. Moreover, Timucuan Asset Mngmt Inc Fl has 0.03% invested in Bank of America Corporation (NYSE:BAC). Chevy Chase Trust Holdings invested in 9.24M shares or 1.18% of the stock. First Heartland Consultants Incorporated has 30,699 shares. Korea Investment Corp accumulated 9.09M shares. Bainco has 262,864 shares for 1.01% of their portfolio. 32,740 were reported by Manchester Cap Management Ltd Liability Com. South State Corporation has invested 1.21% in Bank of America Corporation (NYSE:BAC). Arvest Bankshares Tru Division, Oklahoma-based fund reported 991,700 shares. Northeast Fincl Consultants accumulated 24,830 shares or 0.24% of the stock. Monroe Retail Bank & Mi holds 8,470 shares or 0.07% of its portfolio. Roffman Miller Associates Pa reported 232,932 shares. Bloom Tree holds 4.55% in Bank of America Corporation (NYSE:BAC) or 1.69M shares. Moreover, Associated Banc has 0.45% invested in Bank of America Corporation (NYSE:BAC) for 282,322 shares.

Panagora Asset Management Inc increased its stake in Bank Of America Corp (BAC) by 3.9% based on its latest 2017Q4 regulatory filing with the SEC. Panagora Asset Management Inc bought 604,053 shares as the company’s stock declined 1.20% with the market. The institutional investor held 16.08M shares of the major banks company at the end of 2017Q4, valued at $474.70 million, up from 15.48M at the end of the previous reported quarter. Panagora Asset Management Inc who had been investing in Bank Of America Corp for a number of months, seems to be bullish on the $316.55B market cap company. The stock increased 0.32% or $0.1 during the last trading session, reaching $31.22. About 64.43 million shares traded. Bank of America Corporation (NYSE:BAC) has risen 28.18% since May 16, 2017 and is uptrending. It has outperformed by 16.63% the S&P500.

Panagora Asset Management Inc, which manages about $37.15B and $26.65B US Long portfolio, decreased its stake in Xerox Corp by 1.04 million shares to 2.02M shares, valued at $58.95M in 2017Q4, according to the filing. It also reduced its holding in Five9 Inc (NASDAQ:FIVN) by 172,489 shares in the quarter, leaving it with 195,788 shares, and cut its stake in Home Depot Inc (NYSE:HD).

More notable recent Bank of America Corporation (NYSE:BAC) news were published by: Seekingalpha.com which released: “Bank of America affirms gun pledge” on May 11, 2018, also Bizjournals.com with their article: “Growth plans: Both big and small banks set to expand locally” published on April 26, 2018, Investorplace.com published: “5 Top Stock Trades for Friday Morning” on May 10, 2018. More interesting news about Bank of America Corporation (NYSE:BAC) were released by: Investorplace.com and their article: “Trade of the Day: Bank of America Corp Is Getting Back on Its Feet for a Trade” published on May 10, 2018 as well as Seekingalpha.com‘s news article titled: “Corvex adds ServiceNow, exits Comcast in Q1” with publication date: May 15, 2018.

Bank of America Corporation (NYSE:BAC) Ratings Coverage

Among 16 analysts covering Bank of America (NYSE:BAC), 11 have Buy rating, 0 Sell and 5 Hold. Therefore 69% are positive. Bank of America has $37 highest and $30.0 lowest target. $34.53’s average target is 10.60% above currents $31.22 stock price. Bank of America had 20 analyst reports since December 5, 2017 according to SRatingsIntel. The stock has “Buy” rating by Keefe Bruyette & Woods on Wednesday, April 4. Nomura maintained the shares of BAC in report on Monday, April 16 with “Buy” rating. The firm earned “Buy” rating on Monday, April 16 by Vining Sparks. The firm earned “Buy” rating on Monday, March 26 by Oppenheimer. The firm has “Buy” rating given on Wednesday, December 6 by RBC Capital Markets. The firm has “Hold” rating given on Tuesday, January 2 by Robert W. Baird. Sandler O’Neill maintained it with “Buy” rating and $36.0 target in Friday, January 19 report. As per Friday, February 2, the company rating was maintained by Morgan Stanley. The firm has “Buy” rating by Sandler O’Neill given on Tuesday, January 9. The stock of Bank of America Corporation (NYSE:BAC) earned “Equal-Weight” rating by Barclays Capital on Tuesday, April 17.

Bank of America Corporation (NYSE:BAC) Institutional Positions Chart

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