Olympiad Research LP Has $224,000 Holdings in Bank of America Corporation $BAC

Olympiad Research LP trimmed its position in Bank of America Corporation (NYSE:BAC) by 55.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,734 shares of the financial services provider’s stock after selling 5,881 shares during the period. Olympiad Research LP’s holdings in Bank of America were worth $224,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nova Wealth Management Inc. boosted its stake in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC raised its stake in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at approximately $28,000. CGC Financial Services LLC lifted its stake 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 valued at $29,000 after purchasing an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC acquired a new stake in Bank of America in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Citigroup raised their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $58.00 target price (up from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Oppenheimer raised their price target on shares of Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. 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, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Stock Down 2.2%

Bank of America stock opened at $52.92 on Friday. The company has a market capitalization of $386.45 billion, a PE ratio of 14.42, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69. The firm’s fifty day moving average is $51.57 and its 200 day moving average is $47.90. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its 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. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the business posted $0.81 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Announces Dividend

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

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.