Beach Investment Management LLC. grew its holdings in Bank of America Corp (NYSE:BAC) by 34.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,960 shares of the financial services provider’s stock after purchasing an additional 10,400 shares during the period. Bank of America makes up about 1.9% of Beach Investment Management LLC.’s holdings, making the stock its 22nd biggest position. Beach Investment Management LLC.’s holdings in Bank of America were worth $1,188,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Beach Investment Counsel Inc. PA grew its stake in Bank of America by 14.7% during the second quarter. Beach Investment Counsel Inc. PA now owns 352,945 shares of the financial services provider’s stock valued at $10,235,000 after acquiring an additional 45,310 shares in the last quarter. Ayalon Holdings Ltd. grew its stake in Bank of America by 5.9% during the second quarter. Ayalon Holdings Ltd. now owns 42,404 shares of the financial services provider’s stock valued at $1,248,000 after acquiring an additional 2,350 shares in the last quarter. Allied Investment Advisors LLC grew its stake in Bank of America by 9.2% during the second quarter. Allied Investment Advisors LLC now owns 10,190 shares of the financial services provider’s stock valued at $296,000 after acquiring an additional 860 shares in the last quarter. Gibraltar Capital Management Inc. grew its stake in Bank of America by 0.9% during the second quarter. Gibraltar Capital Management Inc. now owns 152,246 shares of the financial services provider’s stock valued at $4,415,000 after acquiring an additional 1,325 shares in the last quarter. Finally, Northstar Investment Advisors LLC purchased a new position in Bank of America during the second quarter valued at approximately $380,000. 68.20% of the stock is currently owned by institutional investors.
Shares of BAC traded up $0.46 during mid-day trading on Friday, reaching $30.80. The company’s stock had a trading volume of 19,860,478 shares, compared to its average volume of 43,697,228. The firm has a market capitalization of $291.62 billion, a PE ratio of 11.80, a PEG ratio of 1.20 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.91. The stock’s fifty day moving average price is $28.81.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 EPS. As a group, sell-side analysts expect that Bank of America Corp will post 2.83 EPS for the current fiscal year.
Bank of America announced that its board has approved a share buyback plan on Thursday, June 27th that permits the company to buyback $30.90 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.34%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is presently 22.99%.
Several equities analysts recently commented on the stock. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a research note on Monday, June 17th. Jefferies Financial Group set a $158.00 price objective on shares of HCA Healthcare and gave the company a “buy” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. initiated coverage on shares of Pinduoduo in a research note on Tuesday, July 9th. They issued an “underweight” rating and a $20.48 price target for the company. Atlantic Securities cut shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target for the company. in a research note on Tuesday, April 30th. Finally, Zacks Investment Research cut shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $33.02.
About Bank of America
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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