Capital Management Corp VA boosted its position in Bank of America Corporation (NYSE:BAC) by 0.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,385 shares of the financial services provider’s stock after buying an additional 33 shares during the period. Capital Management Corp VA’s holdings in Bank of America Corporation were worth $252,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in the company. Glassman Wealth Services boosted its stake in Bank of America Corporation by 0.7% in the fourth quarter. Glassman Wealth Services now owns 14,295 shares of the financial services provider’s stock worth $316,000 after buying an additional 100 shares in the last quarter. Sandhill Capital Partners LLC boosted its stake in Bank of America Corporation by 4.1% in the fourth quarter. Sandhill Capital Partners LLC now owns 862,984 shares of the financial services provider’s stock worth $19,072,000 after buying an additional 34,227 shares in the last quarter. 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 worth $1,825,000 after buying an additional 11,435 shares in the last quarter. Adirondack Trust Co. boosted its stake 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 in the last quarter. Finally, Banco Santander S.A. bought a new stake in Bank of America Corporation during the fourth quarter worth about $13,600,000. 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 mid-day trading on Friday, hitting $23.62. The stock had a trading volume of 60,461,197 shares. Bank of America Corporation has a 52 week low of $14.70 and a 52 week high of $25.80. The stock has a 50-day moving average price of $24.34 and a 200 day moving average price of $23.82. The stock 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 released its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business’s revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.41 EPS. On average, equities analysts forecast that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a dividend of $0.12 per share. This is a positive change 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 currently 17.86%.
Bank of America Corporation declared that its board has authorized a share buyback program on Wednesday, June 28th that permits the company to buyback $12.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
BAC has been the topic of a number of recent research reports. Credit Suisse Group reaffirmed 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 upped their target price for the company from $15.00 to $22.00 in a research note on Monday, April 24th. Barclays PLC reaffirmed an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Bank of America Corporation in a research note on Saturday, April 22nd. BidaskClub raised 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 target price on the stock. in a research note on Monday, June 12th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $23.94.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction on 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 completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is 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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