Hyman Charles D increased its position in Bank of America Corp (NYSE:BAC) by 1.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,383 shares of the financial services provider’s stock after buying an additional 1,100 shares during the period. Hyman Charles D’s holdings in Bank of America were worth $1,983,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. CNB Bank lifted its position in shares of Bank of America by 188.4% in the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after buying an additional 620 shares in the last quarter. Paragon Capital Management LLC purchased a new stake in Bank of America during the first quarter valued at approximately $33,000. Semmax Financial Advisors Inc. purchased a new stake in Bank of America during the fourth quarter valued at approximately $34,000. Camarda Financial Advisors LLC raised its position in Bank of America by 167.2% during the first quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,067 shares during the period. Finally, Nalls Sherbakoff Group LLC purchased a new stake in Bank of America during the fourth quarter valued at approximately $48,000. Institutional investors own 68.24% of the company’s stock.
A number of equities research analysts have issued reports on the company. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective on the stock. in a research report on Tuesday, April 30th. Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective on the stock. in a research report on Wednesday, July 10th. JPMorgan Chase & Co. decreased their price objective on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. Finally, Berenberg Bank set a $30.00 price objective on Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $33.02.
Shares of BAC traded down $0.11 during mid-day trading on Friday, reaching $29.38. 57,484,932 shares of the company’s stock traded hands, compared to its average volume of 46,699,744. The stock has a market capitalization of $274.50 billion, a PE ratio of 11.26, a P/E/G ratio of 1.16 and a beta of 1.54. The firm’s 50-day moving average is $29.22. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.91. 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 released its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The firm had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 earnings per share. As a group, equities research analysts forecast that Bank of America Corp will post 2.83 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.18 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.45%. Bank of America’s dividend payout ratio is currently 22.99%.
Bank of America declared that its board has approved a share repurchase plan on Thursday, June 27th that allows the company to buyback $30.90 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is 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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