Artisan Partners Limited Partnership raised its stake in Bank of America Corporation (NYSE:BAC) by 56.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,462,017 shares of the financial services provider’s stock after buying an additional 3,764,582 shares during the period. Artisan Partners Limited Partnership owned about 0.10% of Bank of America Corporation worth $246,799,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in BAC. River & Mercantile Asset Management LLP purchased a new position in Bank of America Corporation during the fourth quarter valued at $9,686,000. Dodge & Cox purchased a new position in Bank of America Corporation during the fourth quarter valued at $4,159,570,000. Elkhorn Investments LLC purchased a new position in Bank of America Corporation during the fourth quarter valued at $926,000. Patriot Financial Group Insurance Agency LLC purchased a new position in Bank of America Corporation during the fourth quarter valued at $193,000. Finally, Norges Bank purchased a new position in Bank of America Corporation during the fourth quarter valued at $2,256,221,000. 65.99% of the stock is currently owned by institutional investors.
Shares of Bank of America Corporation (BAC) opened at 23.62 on Friday. The stock has a 50 day moving average price of $24.34 and a 200 day moving average price of $23.82. Bank of America Corporation has a 12-month low of $14.70 and a 12-month high of $25.80. The firm has a market cap of $248.40 billion, a P/E ratio of 14.07 and a beta of 1.27.
Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 earnings per share. On average, equities analysts expect that Bank of America Corporation will post $1.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 2.03%. Bank of America Corporation’s payout ratio is presently 17.86%.
Bank of America Corporation announced that its board has approved a share buyback program on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
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A number of brokerages recently commented on BAC. Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. Berenberg Bank downgraded shares of Bank of America Corporation from a “buy” rating to a “hold” rating and boosted their price objective for the company from $15.00 to $22.00 in a research report on Monday, April 24th. Barclays PLC reaffirmed an “equal weight” rating and set a $28.00 price objective (up from $26.00) on shares of Bank of America Corporation in a research report on Saturday, April 22nd. BidaskClub upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. Finally, Vetr cut shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.20 target price for the company. in a research note on Monday, June 12th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. Bank of America Corporation has an average rating of “Buy” and a consensus price target of $23.94.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is currently owned by insiders.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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