Bank of America Corp (BAC) Position Boosted by Bank of The Ozarks

Bank of The Ozarks increased its position in shares of Bank of America Corp (NYSE:BAC) by 5.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 88,459 shares of the financial services provider’s stock after purchasing an additional 4,803 shares during the period. Bank of America makes up 1.0% of Bank of The Ozarks’ portfolio, making the stock its 20th largest holding. Bank of The Ozarks’ holdings in Bank of America were worth $2,494,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. McKinley Carter Wealth Services Inc. purchased a new stake in Bank of America in the 1st quarter valued at about $105,000. Ballew Advisors Inc bought a new stake in shares of Bank of America in the 1st quarter valued at about $129,000. Whitnell & Co. bought a new stake in shares of Bank of America in the 2nd quarter valued at about $134,000. Avestar Capital LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $135,000. Finally, Well Done LLC bought a new stake in shares of Bank of America in the 1st quarter valued at about $136,000. 66.91% of the stock is owned by hedge funds and other institutional investors.

NYSE BAC opened at $31.19 on Monday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $323.70 billion, a P/E ratio of 17.04, a PEG ratio of 1.56 and a beta of 1.29. Bank of America Corp has a 52 week low of $22.75 and a 52 week high of $33.05.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06. The firm had revenue of $22.60 billion during the quarter, compared to analyst estimates of $22.49 billion. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. Bank of America’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.46 EPS. research analysts forecast that Bank of America Corp will post 2.53 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Thursday, June 28th that authorizes the company to buyback $20.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 7th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.92%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s payout ratio is 26.23%.

In related news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the completion of the transaction, the insider now owns 483,680 shares in the company, valued at approximately $15,289,124.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.10% of the company’s stock.

Several equities research analysts have recently commented on the stock. Barclays boosted their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday, April 17th. Vining Sparks assumed coverage on shares of Bank of America in a report on Monday, April 16th. They issued a “buy” rating and a $35.00 price target for the company. Vetr lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 price target for the company. in a report on Tuesday, April 17th. Jefferies Financial Group restated a “buy” rating and issued a $34.00 price target on shares of Bank of America in a report on Tuesday, April 17th. Finally, ValuEngine lowered shares of Bank of America from a “buy” rating to a “hold” rating in a report on Wednesday, April 18th. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Bank of America has a consensus rating of “Buy” and an average price target of $32.37.

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

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