CMH Wealth Management LLC grew its stake in shares of Bank of America Corp (NYSE:BAC) by 4.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 68,161 shares of the financial services provider’s stock after purchasing an additional 2,630 shares during the quarter. CMH Wealth Management LLC’s holdings in Bank of America were worth $1,988,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in BAC. Howe & Rusling Inc. grew its position in Bank of America by 14.9% in the 1st quarter. Howe & Rusling Inc. now owns 314,745 shares of the financial services provider’s stock worth $8,684,000 after purchasing an additional 40,836 shares during the last quarter. SeaBridge Investment Advisors LLC grew its position in Bank of America by 1.2% in the 1st quarter. SeaBridge Investment Advisors LLC now owns 163,702 shares of the financial services provider’s stock worth $4,517,000 after purchasing an additional 1,985 shares during the last quarter. RDA Financial Network acquired a new stake in Bank of America in the 1st quarter worth $451,000. Allen Capital Group LLC grew its position in Bank of America by 1.8% in the 1st quarter. Allen Capital Group LLC now owns 39,884 shares of the financial services provider’s stock worth $1,100,000 after purchasing an additional 706 shares during the last quarter. Finally, Janney Capital Management LLC grew its position in Bank of America by 2.8% in the 1st quarter. Janney Capital Management LLC now owns 19,212 shares of the financial services provider’s stock worth $530,000 after purchasing an additional 527 shares during the last quarter. 68.48% of the stock is owned by hedge funds and other institutional investors.
Several analysts have issued reports on the stock. Morgan Stanley decreased their price target on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. Keefe, Bruyette & Woods lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $36.00 to $29.00 in a research report on Thursday, September 5th. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Finally, Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $32.32.
Shares of Bank of America stock traded up $0.46 during trading on Friday, hitting $28.91. 70,045,411 shares of the company’s stock traded hands, compared to its average volume of 57,443,616. 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 firm’s fifty day moving average price is $28.40 and its 200 day moving average price is $28.71. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.17. The company has a market cap of $269.10 billion, a PE ratio of 11.08, a PEG ratio of 1.13 and a beta of 1.60.
Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share 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 for the quarter, compared to analyst estimates of $23.13 billion. During the same period in the previous year, the business earned $0.63 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Corp will post 2.82 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a dividend of $0.18 per share. 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 dividend yield of 2.49%. The ex-dividend date was Thursday, September 5th. Bank of America’s payout ratio is 27.59%.
Bank of America declared that its board has approved a share buyback plan on Thursday, June 27th that permits the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Bank of America Company 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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