Bank of America Corporation $BAC Shares Acquired by Spinnaker Trust

Spinnaker Trust lifted its position in Bank of America Corporation (NYSE:BAC) by 6.3% during the 2nd quarter, Holdings Channel.com reports. The fund owned 15,111 shares of the financial services provider’s stock after acquiring an additional 900 shares during the period. Spinnaker Trust’s holdings in Bank of America were worth $715,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Quaker Wealth Management LLC increased its holdings in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the period. Nova Wealth Management Inc. lifted its holdings in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC purchased a new stake in Bank of America in the second quarter valued at approximately $28,000. CGC Financial Services LLC increased its holdings in Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares during the period. Finally, Acima Private Wealth LLC purchased a new position in Bank of America during the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.8%

Shares of BAC opened at $52.98 on Friday. The firm has a market cap of $392.40 billion, a P/E ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.44. The stock’s 50 day moving average is $50.95 and its two-hundred day moving average is $46.84. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its 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 return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the company posted $0.81 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have recently commented on BAC shares. Daiwa Capital Markets upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $58.00 price target (up from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. JPMorgan Chase & Co. boosted their price objective on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Finally, Evercore ISI upped their target price on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.45.

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.