Oarsman Capital Inc. Reduces Position in Bank of America Corporation $BAC

Oarsman Capital Inc. lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 17.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,543 shares of the financial services provider’s stock after selling 7,795 shares during the quarter. Oarsman Capital Inc.’s holdings in Bank of America were worth $1,729,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Deutsche Bank AG grew its stake in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. Unisphere Establishment grew its stake in Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after buying an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Bank of America during the 2nd quarter worth approximately $164,623,000. Maverick Capital Ltd. purchased a new position in shares of Bank of America in the 1st quarter valued at approximately $152,098,000. Finally, AMF Tjanstepension AB grew its stake in shares of Bank of America by 62.9% in the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after purchasing an additional 3,438,876 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BAC shares. HSBC lifted their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. JPMorgan Chase & Co. lifted their target price on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Finally, Evercore ISI lifted their target price on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.27.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction 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 completion of the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Down 0.3%

BAC opened at $52.85 on Wednesday. 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 business has a 50 day simple moving average of $50.77 and a 200-day simple moving average of $46.68. The stock has a market capitalization of $391.42 billion, a P/E ratio of 14.40, a P/E/G ratio of 2.01 and a beta of 1.33. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.28.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Bank of America 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.