Signature Financial Management Inc. boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 85.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,250 shares of the financial services provider’s stock after purchasing an additional 10,276 shares during the quarter. Signature Financial Management Inc.’s holdings in Bank of America Corporation were worth $542,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Northwest Investment Counselors LLC bought a new position in shares of Bank of America Corporation in the 2nd quarter worth $100,000. Armbruster Capital Management Inc. raised its position in shares of Bank of America Corporation by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after acquiring an additional 423 shares in the last quarter. Chicago Partners Investment Group LLC raised its position in shares of Bank of America Corporation by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 450 shares in the last quarter. Tarbox Family Office Inc. raised its position in shares of Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after acquiring an additional 21 shares in the last quarter. Finally, Lenox Wealth Advisors Inc. bought a new position in shares of Bank of America Corporation in the 2nd quarter worth $144,000. 61.53% of the stock is currently owned by institutional investors.
Shares of Bank of America Corporation (NYSE:BAC) traded up 0.22% during mid-day trading on Friday, reaching $27.80. 58,856,675 shares of the company were exchanged. The firm has a 50-day moving average price of $25.38 and a 200 day moving average price of $24.13. Bank of America Corporation has a 12 month low of $16.28 and a 12 month high of $27.96. The stock has a market capitalization of $292.36 billion, a P/E ratio of 15.91 and a beta of 1.25.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. Bank of America Corporation’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.41 EPS. Equities research analysts anticipate that Bank of America Corporation will post $1.82 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is currently 27.43%.
In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is currently owned by insiders.
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BAC has been the topic of several research analyst reports. BidaskClub upgraded Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Vetr upgraded Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 target price on the stock in a research note on Wednesday, August 30th. Instinet reiterated a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a research note on Saturday, July 22nd. BMO Capital Markets reiterated a “market perform” rating and set a $29.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a research note on Monday, October 16th. Finally, Wells Fargo & Company initiated coverage on Bank of America Corporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target on the stock. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have given a buy rating and three have assigned a strong buy rating to the company. Bank of America Corporation currently has a consensus rating of “Buy” and an average price target of $25.47.
Bank of America Corporation Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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