Sterling Investment Management Inc. lessened its position in shares of Bank of America Corp (NYSE:BAC) by 2.8% in the second quarter, Holdings Channel.com reports. The institutional investor owned 25,912 shares of the financial services provider’s stock after selling 736 shares during the period. Sterling Investment Management Inc.’s holdings in Bank of America were worth $751,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. CNB Bank grew its holdings in 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 purchasing an additional 620 shares during the period. Paragon Capital Management LLC acquired a new stake in Bank of America in the first quarter worth $33,000. Semmax Financial Advisors Inc. acquired a new stake in Bank of America in the fourth quarter worth $34,000. Camarda Financial Advisors LLC grew its holdings in Bank of America by 167.2% in the first quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,067 shares during the period. Finally, Nalls Sherbakoff Group LLC acquired a new stake in Bank of America in the fourth quarter worth $48,000. 68.24% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE 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 company 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 business has a 50-day moving average of $29.22. Bank of America Corp has a 1-year low of $22.66 and a 1-year 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 issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business’s revenue was up 2.7% on a year-over-year basis. During the same period last year, the company earned $0.63 earnings per share. As a group, sell-side analysts anticipate that Bank of America Corp will post 2.83 EPS for the current year.
Bank of America declared that its board has authorized a share repurchase plan on Thursday, June 27th that permits the company to buyback $30.90 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a dividend of $0.18 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.
A number of equities research analysts have commented on the stock. BMO Capital Markets upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a report on Monday, June 17th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target for the company. in a report on Wednesday, July 10th. Jefferies Financial Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target for the company. in a report on Wednesday, April 17th. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a report on Tuesday, July 9th. Finally, Atlantic Securities cut shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective for the company. in a report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $33.02.
About Bank of America
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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