SPC Financial Inc. increased its stake in shares of Bank of America Corp (NYSE:BAC) by 3.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,788 shares of the financial services provider’s stock after acquiring an additional 500 shares during the quarter. SPC Financial Inc.’s holdings in Bank of America were worth $400,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. CNB Bank increased its stake in shares of Bank of America by 188.4% in the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 620 shares in the last quarter. Paragon Capital Management LLC purchased a new position in Bank of America during the first quarter valued at approximately $33,000. Camarda Financial Advisors LLC grew its stake in Bank of America by 167.2% during the first quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 1,067 shares in the last quarter. Nalls Sherbakoff Group LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $48,000. Finally, First Financial Corp IN grew its stake in Bank of America by 77.9% during the first quarter. First Financial Corp IN now owns 2,283 shares of the financial services provider’s stock valued at $63,000 after acquiring an additional 1,000 shares in the last quarter. 69.50% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently commented on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research note on Wednesday, July 10th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a research note on Monday, June 17th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $32.00 to $36.00 in a research note on Friday, July 26th. Finally, Jefferies Financial Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a research note on Wednesday, April 17th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company’s stock. Bank of America has an average rating of “Hold” and an average price target of $32.89.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. During the same period in the previous year, the business posted $0.63 earnings per share. Bank of America’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Corp will post 2.83 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 2.74%. Bank of America’s payout ratio is presently 22.99%.
Bank of America announced that its Board of Directors has authorized a share buyback program on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Bank of America Profile
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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