Bank of America Corporation (BAC) Shares Bought by Commonwealth Bank of Australia

Commonwealth Bank of Australia grew its stake in Bank of America Corporation (NYSE:BAC) by 0.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,506,605 shares of the financial services provider’s stock after purchasing an additional 10,897 shares during the quarter. Commonwealth Bank of Australia’s holdings in Bank of America Corporation were worth $36,550,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America Corporation in the second quarter valued at about $100,000. Armbruster Capital Management Inc. grew its position in shares of 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 period. Chicago Partners Investment Group LLC grew its position in shares of Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares during the period. Tarbox Family Office Inc. grew its position in shares of 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 period. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. grew its position in shares of Bank of America Corporation by 47.1% in the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after purchasing an additional 1,850 shares during the period. Institutional investors and hedge funds own 62.19% of the company’s stock.

Several analysts have recently issued reports on the stock. BidaskClub upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. Vetr upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 target price on the stock in a research report on Wednesday, August 30th. Instinet reiterated a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research report on Saturday, July 22nd. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 target price (up previously from $27.00) on shares of Bank of America Corporation in a research report on Monday, October 16th. Finally, Wells Fargo & Company initiated coverage on shares of Bank of America Corporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $25.82.

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Bank of America Corporation (NYSE BAC) opened at $26.62 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. Bank of America Corporation has a twelve month low of $19.87 and a twelve month high of $27.98. The firm has a market cap of $277,662.84, a P/E ratio of 15.21, a P/E/G ratio of 1.84 and a beta of 1.31.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same quarter in the previous year, the business posted $0.41 EPS. The firm’s revenue was up 2.1% on a year-over-year basis. research analysts expect that Bank of America Corporation will post 1.8 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.80%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 27.43%.

Bank of America Corporation Company 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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Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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