Bank of Jackson Hole Trust Buys 990 Shares of Bank of America Corporation $BAC

Bank of Jackson Hole Trust grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,043 shares of the financial services provider’s stock after acquiring an additional 990 shares during the period. Bank of Jackson Hole Trust’s holdings in Bank of America were worth $901,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Boston Common Asset Management LLC grew its position in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after acquiring an additional 24,740 shares during the period. Disciplined Investments LLC bought a new position in shares of Bank of America during the 2nd quarter valued at approximately $217,000. Nicholas Hoffman & Company LLC. grew its position in shares of Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after acquiring an additional 33,963 shares during the period. Sunbeam Capital Management LLC grew its position in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 439 shares during the period. Finally, CCG Wealth Management LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at approximately $287,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $52.85 on Wednesday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.28. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $391.42 billion, a PE ratio of 14.40, a P/E/G ratio of 2.01 and a beta of 1.33. The company’s 50 day simple moving average is $50.77 and its two-hundred day simple moving average is $46.68.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) 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 business had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the company posted $0.81 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio is currently 30.52%.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Seaport Global Securities upped their price target on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. TD Cowen upped their price target on shares of Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Citigroup upped their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Royal Bank Of Canada upped their price target on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Finally, JPMorgan Chase & Co. upped their price target on shares of Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Twenty-three equities 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.27.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on 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 sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.30% of the stock is owned by corporate insiders.

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.