First National Bank of Hutchinson continued to hold its stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,659 shares of the financial services provider’s stock at the close of the 2nd quarter. First National Bank of Hutchinson’s holdings in Bank of America Corporation were worth $236,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America Corporation in the 2nd quarter valued at approximately $100,000. Armbruster Capital Management Inc. increased its position in shares of Bank of America Corporation by 10.8% in the 1st 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. increased its position in shares of 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 valued at $117,000 after purchasing an additional 21 shares during the last quarter. Lenox Wealth Advisors Inc. purchased a new stake in shares of Bank of America Corporation in the 2nd quarter valued at approximately $144,000. Finally, Cohen Capital Management Inc. purchased a new stake in shares of Bank of America Corporation in the 1st quarter valued at approximately $145,000. 61.66% of the stock is currently owned by institutional investors.
A number of research analysts recently commented on BAC shares. Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Vetr downgraded shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.20 target price on the stock. in a research report on Monday, June 12th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. Finally, BidaskClub raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $24.41.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.
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Shares of Bank of America Corporation (NYSE BAC) opened at 23.95 on Wednesday. Bank of America Corporation has a 52 week low of $14.81 and a 52 week high of $25.80. The company has a 50 day moving average of $24.00 and a 200 day moving average of $23.81. The firm has a market cap of $251.87 billion, a PE ratio of 14.26 and a beta of 1.26.
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, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 earnings per share. On average, equities research analysts anticipate that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
Bank of America Corporation announced that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.00%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. 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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