Scott & Selber Inc. boosted its holdings in shares of Bank of America Corp (NYSE:BAC) by 1.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,723 shares of the financial services provider’s stock after acquiring an additional 1,551 shares during the period. Bank of America accounts for about 1.9% of Scott & Selber Inc.’s investment portfolio, making the stock its 12th largest holding. Scott & Selber Inc.’s holdings in Bank of America were worth $3,820,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Daily Journal Corp lifted its position in Bank of America by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after acquiring an additional 227,700,000 shares during the period. Norges Bank purchased a new position in Bank of America during the 4th quarter valued at about $2,656,024,000. Great West Life Assurance Co. Can purchased a new position in Bank of America during the 2nd quarter valued at about $239,996,000. Brandywine Global Investment Management LLC raised its holdings in Bank of America by 111.7% in the fourth quarter. Brandywine Global Investment Management LLC now owns 11,609,495 shares of the financial services provider’s stock worth $286,058,000 after buying an additional 6,124,599 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in Bank of America by 92.4% in the fourth quarter. Millennium Management LLC now owns 7,969,307 shares of the financial services provider’s stock worth $196,364,000 after buying an additional 3,827,667 shares during the last quarter. 69.50% of the stock is owned by institutional investors.
NYSE BAC traded up $0.12 during trading hours on Tuesday, hitting $27.77. 60,255,063 shares of the company’s stock traded hands, compared to its average volume of 56,724,904. The stock has a fifty day simple moving average of $29.24. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market capitalization of $263.70 billion, a price-to-earnings ratio of 10.64, a P/E/G ratio of 1.11 and a beta of 1.54. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.49.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. The company had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.63 earnings per share. As a group, equities analysts predict that Bank of America Corp will post 2.83 earnings per share for the current fiscal year.
The firm also recently announced 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 represents a $0.72 annualized dividend and a yield of 2.59%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. Bank of America’s payout ratio is 22.99%.
Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
BAC has been the subject of several recent analyst reports. Jefferies Financial Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price for the company. in a report on Wednesday, April 17th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a report on Wednesday, July 10th. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Berenberg Bank set a $30.00 target price on shares of Bank of America and gave the stock a “hold” rating in a report on Monday, June 17th. Finally, Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $32.00 to $36.00 in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $32.89.
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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