WealthTrust Fairport LLC purchased a new position in Bank of America Corp (NYSE:BAC) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,697 shares of the financial services provider’s stock, valued at approximately $141,000.
Other large investors also recently made changes to their positions in the company. McKinley Carter Wealth Services Inc. bought a new position in shares of Bank of America in the first quarter worth about $105,000. Ballew Advisors Inc bought a new position in Bank of America during the first quarter valued at about $129,000. Well Done LLC bought a new position in Bank of America during the first quarter valued at about $136,000. Avestar Capital LLC bought a new position in Bank of America during the fourth quarter valued at about $135,000. Finally, Gradient Investments LLC bought a new position in Bank of America during the fourth quarter valued at about $150,000. 67.03% of the stock is owned by institutional investors.
BAC has been the topic of several research reports. Barclays boosted their price target on Bank of America from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 17th. Vetr lowered Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price target on the stock. in a research note on Monday, March 12th. ValuEngine lowered Bank of America from a “buy” rating to a “hold” rating in a research note on Wednesday, April 18th. Jefferies Financial Group restated a “buy” rating and set a $34.00 price target on shares of Bank of America in a research note on Tuesday, April 17th. Finally, Citigroup boosted their price target on Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, April 24th. Nine equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $32.13.
BAC stock opened at $28.28 on Tuesday. Bank of America Corp has a 1-year low of $22.75 and a 1-year high of $33.05. The company has a market capitalization of $288.77 billion, a PE ratio of 13.89, a P/E/G ratio of 1.40 and a beta of 1.32. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.
Bank of America (NYSE:BAC) last announced its earnings results on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.59 by $0.03. The business had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.04 billion. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. Bank of America’s revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 EPS. analysts forecast that Bank of America Corp will post 2.53 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 29th. Stockholders of record on Friday, June 1st were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.70%. The ex-dividend date was Thursday, May 31st. Bank of America’s payout ratio is currently 26.23%.
Bank of America declared that its Board of Directors has approved a stock repurchase program on Thursday, June 28th that allows the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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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