Uncommon Cents Investing LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC – Get Rating) by 22.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,038 shares of the financial services provider’s stock after buying an additional 3,365 shares during the quarter. Uncommon Cents Investing LLC’s holdings in Bank of America were worth $562,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter valued at $3,938,246,000. Snider Financial Group increased its position in Bank of America by 9,477.3% during the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after purchasing an additional 14,297,496 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Bank of America by 3,474.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock worth $480,579,000 after acquiring an additional 11,332,721 shares during the period. Capital Research Global Investors purchased a new position in shares of Bank of America during the 1st quarter valued at approximately $395,481,000. Finally, Vanguard Group Inc. boosted its stake in shares of Bank of America by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 591,207,087 shares of the financial services provider’s stock valued at $24,369,557,000 after buying an additional 5,015,041 shares during the last quarter. Hedge funds and other institutional investors own 68.48% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on BAC shares. Morgan Stanley lowered their price target on Bank of America from $47.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 12th. Societe Generale raised Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price target for the company in a research note on Monday, July 11th. Credit Suisse Group cut their price objective on Bank of America from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft cut their price objective on Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, September 12th. Finally, Jefferies Financial Group lowered their target price on Bank of America from $43.00 to $33.00 in a report on Monday, July 11th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $46.58.
Bank of America Stock Down 3.2 %
Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The firm had revenue of $22.69 billion for the quarter, compared to analysts’ expectations of $22.79 billion. During the same quarter in the previous year, the company earned $1.03 EPS. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Co. will post 3.2 EPS for the current fiscal year.
Bank of America Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.88 annualized dividend and a yield of 2.80%. This is a boost from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s dividend payout ratio (DPR) is currently 27.50%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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