Locust Wood Capital Advisers LLC Has $13.25 Million Position in Bank of America Corporation (BAC)

Locust Wood Capital Advisers LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 486.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 561,800 shares of the financial services provider’s stock after buying an additional 465,970 shares during the period. Bank of America Corporation accounts for about 1.6% of Locust Wood Capital Advisers LLC’s investment portfolio, making the stock its 24th largest position. Locust Wood Capital Advisers LLC’s holdings in Bank of America Corporation were worth $13,253,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in BAC. British Columbia Investment Management Corp increased its stake in shares of Bank of America Corporation by 7.8% in the first quarter. British Columbia Investment Management Corp now owns 5,102,702 shares of the financial services provider’s stock valued at $120,373,000 after buying an additional 368,216 shares during the last quarter. Trust Co. of Virginia VA bought a new stake in shares of Bank of America Corporation during the first quarter valued at approximately $477,000. World Asset Management Inc increased its stake in shares of Bank of America Corporation by 8.8% in the first quarter. World Asset Management Inc now owns 1,035,841 shares of the financial services provider’s stock valued at $24,435,000 after buying an additional 83,832 shares during the last quarter. Icon Advisers Inc. Co. increased its stake in shares of Bank of America Corporation by 8.0% in the first quarter. Icon Advisers Inc. Co. now owns 897,710 shares of the financial services provider’s stock valued at $21,177,000 after buying an additional 66,700 shares during the last quarter. Finally, Private Wealth Advisors Inc. raised its stake in shares of Bank of America Corporation by 24.4% in the first quarter. Private Wealth Advisors Inc. now owns 34,188 shares of the financial services provider’s stock worth $806,000 after buying an additional 6,705 shares during the period. Institutional investors and hedge funds own 65.99% of the company’s stock.

Shares of Bank of America Corporation (NYSE:BAC) traded down 0.08% during trading on Friday, hitting $23.62. The company had a trading volume of 60,461,197 shares. The firm has a 50 day moving average of $24.34 and a 200 day moving average of $23.82. Bank of America Corporation has a 12-month low of $14.81 and a 12-month high of $25.80. The stock has a market cap of $248.40 billion, a PE ratio of 14.07 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion for the quarter, compared to the consensus estimate 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 revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. On average, analysts forecast that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.03%. The ex-dividend date is Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.

Bank of America Corporation announced that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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BAC has been the subject of a number of recent analyst reports. Credit Suisse Group restated a “buy” rating on shares of Bank of America Corporation in a research note on Sunday, June 4th. Berenberg Bank lowered Bank of America Corporation from a “buy” rating to a “hold” rating and raised their price objective for the company from $15.00 to $22.00 in a research note on Monday, April 24th. Barclays PLC restated an “equal weight” rating and set a $28.00 price objective (up previously from $26.00) on shares of Bank of America Corporation in a research note on Saturday, April 22nd. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. Finally, Vetr lowered Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.20 price objective for the company. in a research note on Monday, June 12th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $23.94.

In related news, Director Frank P. Bramble sold 86,763 shares of the firm’s 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 sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.18% of the company’s stock.

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.

Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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