Sheets Smith Wealth Management cut its stake in Bank of America Corporation (NYSE:BAC) by 1.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 39,944 shares of the financial services provider’s stock after selling 639 shares during the period. Sheets Smith Wealth Management’s holdings in Bank of America Corporation were worth $969,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of BAC. E&G Advisors LP boosted its stake in Bank of America Corporation by 17.3% in the first quarter. E&G Advisors LP now owns 77,370 shares of the financial services provider’s stock valued at $1,825,000 after buying an additional 11,435 shares during the last quarter. Adirondack Trust Co. raised its position in Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock worth $140,000 after buying an additional 519 shares during the period. Park National Corp OH raised its position in Bank of America Corporation by 0.8% in the first quarter. Park National Corp OH now owns 841,364 shares of the financial services provider’s stock worth $19,848,000 after buying an additional 6,465 shares during the period. Ibex Wealth Advisors raised its position in Bank of America Corporation by 324.3% in the fourth quarter. Ibex Wealth Advisors now owns 48,413 shares of the financial services provider’s stock worth $1,096,000 after buying an additional 37,004 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in Bank of America Corporation by 1.5% in the first quarter. Nisa Investment Advisors LLC now owns 3,741,987 shares of the financial services provider’s stock worth $88,271,000 after buying an additional 55,953 shares during the period. Institutional investors own 65.99% of the company’s stock.
Shares of Bank of America Corporation (BAC) opened at 23.62 on Friday. The company 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 $14.70 and a 12 month high of $25.80. The company has a market capitalization 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 results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter last year, the firm posted $0.41 EPS. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Analysts forecast that Bank of America Corporation will post $1.81 EPS for the current year.
Bank of America Corporation declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.03%. 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 currently 17.86%.
Several analysts have recently commented on the stock. Vetr raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price target on the stock in a research report on Thursday, June 15th. Instinet reaffirmed a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Barclays PLC reaffirmed an “equal weight” rating and set a $28.00 price target (up previously from $26.00) on shares of Bank of America Corporation in a research report on Saturday, April 22nd. Wells Fargo & Company started coverage on shares of Bank of America Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price for the company. Finally, Buckingham Research restated a “buy” rating and issued a $30.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a research note on Monday, July 10th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. Bank of America Corporation presently has an average rating of “Buy” and an average price target of $23.94.
In other 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 sale, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is currently owned by company 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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