Lockheed Martin Investment Management Co. Has $25.71 Million Stake in Bank of America Corporation $BAC

Lockheed Martin Investment Management Co. trimmed its stake in Bank of America Corporation (NYSE:BAC) by 41.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 543,320 shares of the financial services provider’s stock after selling 379,570 shares during the period. Bank of America comprises approximately 0.9% of Lockheed Martin Investment Management Co.’s investment portfolio, making the stock its 27th biggest position. Lockheed Martin Investment Management Co.’s holdings in Bank of America were worth $25,710,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Boston Common Asset Management LLC raised its position in shares of Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares in the last quarter. Disciplined Investments LLC bought a new position in shares of Bank of America in the 2nd quarter worth about $217,000. Nicholas Hoffman & Company LLC. raised its position in shares of Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC raised its position in shares of Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC bought a new position in shares of Bank of America in the 2nd quarter worth about $287,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock opened at $52.98 on Friday. The company has a market capitalization of $392.40 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. 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 Corporation has a 52-week low of $33.06 and a 52-week high of $53.44. The business has a 50-day simple moving average of $50.95 and a two-hundred day simple moving average of $46.84.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 EPS. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BAC. Royal Bank Of Canada increased their price objective on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Argus increased their price objective on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Seaport Global Securities increased their price objective on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Finally, The Goldman Sachs Group cut their price objective on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.45.

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.