Capital Investment Advisors LLC cut its position in Bank of America Corp (NYSE:BAC) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 462,705 shares of the financial services provider’s stock after selling 2,910 shares during the quarter. Capital Investment Advisors LLC’s holdings in Bank of America were worth $13,418,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Diamond Hill Capital Management Inc. increased its stake in shares of Bank of America by 21.1% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 12,775 shares of the financial services provider’s stock valued at $315,000 after buying an additional 2,223 shares during the period. Girard Partners LTD. increased its stake in shares of Bank of America by 43.5% in the fourth quarter. Girard Partners LTD. now owns 52,763 shares of the financial services provider’s stock valued at $1,300,000 after buying an additional 16,004 shares during the period. Bremer Trust National Association increased its stake in shares of Bank of America by 3.0% in the fourth quarter. Bremer Trust National Association now owns 21,190 shares of the financial services provider’s stock valued at $522,000 after buying an additional 612 shares during the period. South State Corp increased its stake in shares of Bank of America by 16.1% in the fourth quarter. South State Corp now owns 459,112 shares of the financial services provider’s stock valued at $11,313,000 after buying an additional 63,601 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Bank of America by 12.3% in the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 2,088,172 shares of the financial services provider’s stock valued at $51,453,000 after buying an additional 228,846 shares during the period. Hedge funds and other institutional investors own 68.20% of the company’s stock.
NYSE BAC traded up $0.55 during trading hours on Friday, hitting $30.89. 33,313,445 shares of the company’s stock were exchanged, compared to its average volume of 43,697,228. The firm has a 50-day moving average of $28.81. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $31.91. The stock has a market cap of $292.85 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 1.20 and a beta of 1.53. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The firm had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. During the same quarter last year, the firm posted $0.63 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Corp will post 2.83 EPS for the current year.
Bank of America announced that its Board of Directors has approved a share buyback plan on Thursday, June 27th that permits the company to repurchase $30.90 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.33%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is 22.99%.
Several brokerages have recently weighed in on BAC. Atlantic Securities cut 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. Berenberg Bank cut to a “hold” rating and decreased their price target for the company from GBX 283 ($3.70) to GBX 103 ($1.35) in a research note on Monday, June 17th. Jefferies Financial Group set a $158.00 target price on HCA Healthcare and gave the stock a “buy” rating in a research note on Wednesday, April 17th. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a research note on Monday, June 17th. Finally, JPMorgan Chase & Co. initiated coverage on Pinduoduo in a research note on Tuesday, July 9th. They set an “underweight” rating and a $20.48 target price for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target 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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