Joel Isaacson & Co. LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,334 shares of the financial services provider’s stock after buying an additional 11 shares during the period. Joel Isaacson & Co. LLC’s holdings in Bank of America Corporation were worth $267,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in BAC. IMS Capital Management increased its position in Bank of America Corporation by 43.9% in the first quarter. IMS Capital Management now owns 37,083 shares of the financial services provider’s stock valued at $875,000 after buying an additional 11,306 shares during the period. Neuburgh Advisers LLC increased its position in Bank of America Corporation by 50.5% in the first quarter. Neuburgh Advisers LLC now owns 1,530,408 shares of the financial services provider’s stock valued at $36,102,000 after buying an additional 513,196 shares during the period. YorkBridge Wealth Partners LLC increased its position in Bank of America Corporation by 31.5% in the first quarter. YorkBridge Wealth Partners LLC now owns 23,764 shares of the financial services provider’s stock valued at $559,000 after buying an additional 5,689 shares during the period. Hanseatic Management Services Inc. bought a new position in Bank of America Corporation during the first quarter valued at $683,000. Finally, Parkwood LLC acquired a new position in shares of Bank of America Corporation during the first quarter valued at approximately $329,000. Institutional investors own 65.99% of the company’s stock.
Shares of Bank of America Corporation (NYSE:BAC) traded down 0.08% during midday trading on Friday, reaching $23.62. The company’s stock had a trading volume of 60,461,197 shares. 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 52 week low of $14.81 and a 52 week high of $25.80. The stock has a market capitalization of $248.40 billion, a price-to-earnings ratio of 14.07 and a beta of 1.27.
Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. Equities research analysts predict that Bank of America Corporation will post $1.81 earnings per share for the current year.
Bank of America Corporation declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.03%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s payout ratio is 17.86%.
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Several equities analysts have recently commented on BAC shares. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. CIBC restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 4th. Vetr cut Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 target price on the stock. in a report on Wednesday, June 28th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a report on Friday, August 11th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $23.94.
In other news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.18% of the company’s stock.
Bank of America Corporation Company Profile
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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