Sunbelt Securities Inc. increased its holdings in shares of Bank of America Corp (NYSE:BAC) by 2.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 28,754 shares of the financial services provider’s stock after purchasing an additional 811 shares during the period. Sunbelt Securities Inc.’s holdings in Bank of America were worth $834,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of BAC. M Holdings Securities Inc. increased its stake in Bank of America by 22.0% during the first quarter. M Holdings Securities Inc. now owns 113,968 shares of the financial services provider’s stock valued at $3,144,000 after acquiring an additional 20,587 shares during the period. St. Johns Investment Management Company LLC increased its stake in Bank of America by 2.4% during the first quarter. St. Johns Investment Management Company LLC now owns 105,357 shares of the financial services provider’s stock valued at $2,907,000 after acquiring an additional 2,466 shares during the period. Hodges Capital Management Inc. increased its stake in Bank of America by 2.9% during the first quarter. Hodges Capital Management Inc. now owns 210,844 shares of the financial services provider’s stock valued at $5,817,000 after acquiring an additional 5,886 shares during the period. Legacy Capital Partners Inc. increased its stake in Bank of America by 0.8% during the second quarter. Legacy Capital Partners Inc. now owns 91,522 shares of the financial services provider’s stock valued at $2,654,000 after acquiring an additional 723 shares during the period. Finally, Ballentine Partners LLC increased its stake in Bank of America by 2.6% during the second quarter. Ballentine Partners LLC now owns 123,583 shares of the financial services provider’s stock valued at $3,584,000 after acquiring an additional 3,089 shares during the period. 69.50% of the stock is owned by institutional investors and hedge funds.
BAC has been the topic of several research reports. Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research note on Wednesday, July 10th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $32.00 to $36.00 in a research note on Friday, July 26th. JPMorgan Chase & Co. lowered their price objective on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research note on Tuesday, July 9th. Jefferies Financial Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective on the stock. in a research note on Wednesday, April 17th. Finally, Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective on the stock. in a research note on Tuesday, April 30th. Two equities 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 company’s stock. The company has an average rating of “Hold” and a consensus target price of $32.89.
Shares of BAC stock traded down $1.12 during trading hours on Wednesday, hitting $26.53. The company had a trading volume of 38,148,686 shares, compared to its average volume of 56,724,904. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.49. The company has a market cap of $263.70 billion, a price-to-earnings ratio of 10.16, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54. The stock’s fifty day moving average is $29.23. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. During the same period in the prior year, the company posted $0.63 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. On average, research analysts expect 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. Stockholders of record on Friday, September 6th will be issued a $0.18 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Thursday, September 5th. Bank of America’s payout ratio is presently 22.99%.
Bank of America declared that its Board of Directors has approved a stock repurchase program on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.6% 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.
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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