Argyle Capital Management Inc. trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 1.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 141,336 shares of the financial services provider’s stock after selling 1,500 shares during the quarter. Bank of America Corporation accounts for approximately 1.4% of Argyle Capital Management Inc.’s investment portfolio, making the stock its 29th biggest holding. Argyle Capital Management Inc.’s holdings in Bank of America Corporation were worth $3,429,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Northwest Investment Counselors LLC purchased a new stake in Bank of America Corporation in the second quarter valued at $100,000. Armbruster Capital Management Inc. boosted its holdings in Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 423 shares during the last quarter. Tarbox Family Office Inc. boosted its holdings in Bank of America Corporation by 0.4% in the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 21 shares during the last quarter. Lenox Wealth Advisors Inc. purchased a new stake in Bank of America Corporation in the second quarter valued at $144,000. Finally, Cohen Capital Management Inc. purchased a new stake in Bank of America Corporation in the first quarter valued at $145,000. 61.66% of the stock is currently owned by institutional investors.
BAC has been the topic of several recent research reports. Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $27.00 price target on shares of Bank of America Corporation in a report on Wednesday, June 7th. Vetr lowered shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.20 price target on the stock. in a report on Monday, June 12th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Bank of America Corporation in a report on Monday, July 3rd. Finally, BidaskClub raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have assigned a buy rating and three have issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $24.47.
Shares of Bank of America Corporation (NYSE BAC) opened at 23.36 on Tuesday. The stock has a market cap of $245.66 billion, a PE ratio of 13.91 and a beta of 1.26. The stock has a 50 day moving average of $24.01 and a 200 day moving average of $23.82. Bank of America Corporation has a 1-year low of $14.81 and a 1-year high of $25.80.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business 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 company’s revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 earnings per share. Equities research analysts forecast that Bank of America Corporation will post $1.81 EPS for the current year.
Bank of America Corporation announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Wednesday, August 30th. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is currently 28.57%.
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In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the sale, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.18% of the stock is currently 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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