Financial Management Network Inc. Purchases 296 Shares of Bank of America Corporation $BAC

Financial Management Network Inc. raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,542 shares of the financial services provider’s stock after purchasing an additional 296 shares during the period. Financial Management Network Inc.’s holdings in Bank of America were worth $712,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of BAC. Bank of New York Mellon Corp increased its position in shares of Bank of America by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after buying an additional 803,570 shares during the period. Deutsche Bank AG boosted its position in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Amundi grew its holdings in Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after purchasing an additional 188,638 shares in the last quarter. Finally, National Pension Service raised its holdings in Bank of America by 2.4% in the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after buying an additional 300,944 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on BAC shares. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the company an “outperform” rating in a research note on Monday, June 30th. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Wells Fargo & Company lifted their target price on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.61.

Bank of America Stock Up 1.4%

BAC opened at $51.36 on Thursday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $51.63. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a fifty day moving average of $48.33 and a 200-day moving average of $44.40. The company has a market capitalization of $380.42 billion, a P/E ratio of 15.02, a P/E/G ratio of 1.97 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 earnings per share. On average, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.