McKinley Carter Wealth Services Inc. purchased a new position in shares of Bank of America Corp (NYSE:BAC) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,499 shares of the financial services provider’s stock, valued at approximately $105,000.
A number of other hedge funds also recently modified their holdings of the stock. Nvwm LLC increased its position in shares of Bank of America by 3.1% in the first quarter. Nvwm LLC now owns 58,647 shares of the financial services provider’s stock worth $1,719,000 after acquiring an additional 1,786 shares in the last quarter. Doheny Asset Management CA increased its position in shares of Bank of America by 14.7% in the first quarter. Doheny Asset Management CA now owns 184,965 shares of the financial services provider’s stock worth $5,547,000 after acquiring an additional 23,695 shares in the last quarter. Quad Capital Management Advisors LLC acquired a new stake in shares of Bank of America in the first quarter worth $275,000. Altavista Wealth Management Inc. increased its position in shares of Bank of America by 54.4% in the first quarter. Altavista Wealth Management Inc. now owns 70,428 shares of the financial services provider’s stock worth $2,112,000 after acquiring an additional 24,804 shares in the last quarter. Finally, NEXT Financial Group Inc increased its position in shares of Bank of America by 6.1% in the first quarter. NEXT Financial Group Inc now owns 62,918 shares of the financial services provider’s stock worth $1,887,000 after acquiring an additional 3,616 shares in the last quarter. 67.02% of the stock is owned by hedge funds and other institutional investors.
Shares of Bank of America opened at $28.19 on Friday, MarketBeat.com reports. The firm has a market capitalization of $293.69 billion, a PE ratio of 14.12, a PEG ratio of 1.42 and a beta of 1.34. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. Bank of America Corp has a twelve month low of $22.75 and a twelve month high of $33.05.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The firm had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.04 billion. During the same period in the prior year, the firm posted $0.41 EPS. The firm’s revenue was up 4.1% compared to the same quarter last year. research analysts predict that Bank of America Corp will post 2.53 EPS for the current year.
Bank of America declared that its board has approved a share buyback plan on Thursday, June 28th that authorizes the company to buyback $20.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 29th. Shareholders of record on Friday, June 1st were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, May 31st. This represents a $0.48 dividend on an annualized basis and a yield of 1.70%. Bank of America’s dividend payout ratio (DPR) is 26.23%.
Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $35.00 price objective on shares of Bank of America in a research report on Thursday, April 5th. Vining Sparks assumed coverage on shares of Bank of America in a research report on Monday, April 16th. They issued a “buy” rating and a $35.00 price objective for the company. Vetr raised shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $34.96 price objective for the company in a research report on Friday, March 23rd. Credit Suisse Group increased their price objective on shares of Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, March 16th. Finally, Citigroup increased their price objective on shares of Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 24th. Nine equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $32.13.
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.
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