Stonehage Fleming Financial Services Holdings Ltd Takes Position in Bank of America Corp (NYSE:BAC)

Stonehage Fleming Financial Services Holdings Ltd bought a new stake in Bank of America Corp (NYSE:BAC) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 49,186 shares of the financial services provider’s stock, valued at approximately $1,427,000.

Other large investors also recently added to or reduced their stakes in the company. CNB Bank increased its holdings 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 valued at $26,000 after purchasing an additional 620 shares during the period. Salomon & Ludwin LLC boosted its stake in shares of Bank of America by 120.6% in the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after buying an additional 814 shares in the last quarter. WealthStone Inc. purchased a new stake in shares of Bank of America in the second quarter valued at approximately $49,000. Ellevest Inc. purchased a new stake in shares of Bank of America in the second quarter valued at approximately $60,000. Finally, Mackey Komara & Dankovich LLC boosted its stake in shares of Bank of America by 57.6% in the second quarter. Mackey Komara & Dankovich LLC now owns 3,484 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,274 shares in the last quarter. 68.48% of the stock is currently owned by institutional investors and hedge funds.

BAC traded down $0.74 during trading on Tuesday, reaching $28.43. 43,613,425 shares of the stock were exchanged, compared to its average volume of 58,292,056. The business’s 50 day moving average price is $28.20 and its two-hundred day moving average price is $28.75. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The company has a market capitalization of $264.68 billion, a price-to-earnings ratio of 10.89, a P/E/G ratio of 1.16 and a beta of 1.57. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.17.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The company had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. Bank of America’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.63 earnings per share. On average, analysts anticipate that Bank of America Corp will post 2.81 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.53%. This is an increase from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, September 5th. Bank of America’s payout ratio is presently 27.59%.

Bank of America announced that its board has approved a share buyback program on Thursday, June 27th that permits the company to buyback $30.90 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

A number of research firms recently weighed in on BAC. Morgan Stanley lifted their price target on Bank of America from $31.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, September 17th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target on the stock in a research note on Monday, June 17th. Wells Fargo & Co set a $34.00 price target on Bank of America and gave the company a “buy” rating in a research note on Friday, August 16th. JPMorgan Chase & Co. decreased their price target on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods downgraded Bank of America from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $36.00 to $29.00 in a research note on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $32.42.

In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by insiders.

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.

See Also: Consumer Price Index (CPI)

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

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