MV Capital Management Inc. maintained its stake in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent filing with the SEC. The fund owned 6,908 shares of the financial services provider’s stock at the end of the second quarter. MV Capital Management Inc.’s holdings in Bank of America Corporation were worth $168,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of BAC. Northwest Investment Counselors LLC bought a new position in shares of Bank of America Corporation during the second quarter valued at $100,000. Armbruster Capital Management Inc. increased its holdings in shares of Bank of America Corporation by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 423 shares in the last quarter. Chicago Partners Investment Group LLC increased its holdings in Bank of America Corporation by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares in the last quarter. Tarbox Family Office Inc. increased its holdings in Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after buying an additional 21 shares in the last quarter. Finally, Lenox Wealth Advisors Inc. bought a new stake in Bank of America Corporation in the 2nd quarter worth about $144,000. Hedge funds and other institutional investors own 61.64% of the company’s stock.
Several equities research analysts recently commented on BAC shares. Vetr upgraded Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price objective for the company in a report on Thursday, June 15th. Deutsche Bank AG reiterated a “hold” rating on shares of Bank of America Corporation in a report on Monday, July 3rd. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Bank of America Corporation currently has a consensus rating of “Buy” and an average target price of $24.88.
In other news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is owned by corporate insiders.
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Bank of America Corporation (BAC) opened at 25.93 on Wednesday. The firm has a 50-day moving average price of $24.54 and a 200 day moving average price of $23.89. The stock has a market capitalization of $272.69 billion, a PE ratio of 15.44 and a beta of 1.25. Bank of America Corporation has a 12 month low of $15.60 and a 12 month high of $26.30.
Bank of America Corporation (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter in the prior year, the business earned $0.41 earnings per share. The company’s revenue was up 7.1% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corporation will post $1.80 earnings per share for the current year.
Bank of America Corporation announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 1st were paid a $0.12 dividend. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.85%. Bank of America Corporation’s dividend payout ratio is presently 28.57%.
Bank of America Corporation 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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