Warburton Capital Management LLC Purchases 469 Shares of Bank of America Corporation $BAC

Warburton Capital Management LLC boosted its position in Bank of America Corporation (NYSE:BAC) by 3.1% in the 2nd quarter, Holdings Channel reports. The firm owned 15,719 shares of the financial services provider’s stock after buying an additional 469 shares during the quarter. Bank of America accounts for approximately 0.4% of Warburton Capital Management LLC’s portfolio, making the stock its 20th biggest position. Warburton Capital Management LLC’s holdings in Bank of America were worth $753,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares during the period. GAMMA Investing LLC increased its position in shares of Bank of America by 8.2% during the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock worth $4,654,000 after acquiring an additional 8,435 shares during the period. Global Assets Advisory LLC purchased a new position in shares of Bank of America during the first quarter worth approximately $399,000. Lecap Asset Management Ltd. purchased a new position in shares of Bank of America during the first quarter worth approximately $1,736,000. Finally, New World Advisors LLC increased its position in shares of Bank of America by 17.5% during the first quarter. New World Advisors LLC now owns 9,519 shares of the financial services provider’s stock worth $397,000 after acquiring an additional 1,419 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on BAC. Argus boosted their price objective on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Oppenheimer boosted their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Morgan Stanley boosted their price objective on shares of Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $57.23.

Bank of America Trading Up 1.3%

Shares of Bank of America stock opened at $51.77 on Friday. The firm has a 50-day simple moving average of $50.47 and a two-hundred day simple moving average of $46.19. The company has a market cap of $383.49 billion, a P/E ratio of 14.11, a price-to-earnings-growth ratio of 1.94 and a beta of 1.33. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock 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 generally an indication that the company’s management believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

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