Richmond Investment Services LLC Buys Shares of 5,815 Bank of America Corporation $BAC

Richmond Investment Services LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 5,815 shares of the financial services provider’s stock, valued at approximately $275,000.

Other large investors have also recently added to or reduced their stakes in the company. J.W. Cole Advisors Inc. lifted its holdings in shares of Bank of America by 12.8% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 270,060 shares of the financial services provider’s stock worth $12,779,000 after acquiring an additional 30,669 shares during the period. North Star Asset Management Inc. raised its position in shares of Bank of America by 18.2% during the second quarter. North Star Asset Management Inc. now owns 11,048 shares of the financial services provider’s stock worth $523,000 after acquiring an additional 1,700 shares during the last quarter. Farmers National Bank bought a new position in shares of Bank of America in the 2nd quarter valued at about $211,000. Elo Mutual Pension Insurance Co grew its holdings in Bank of America by 130.6% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 574,830 shares of the financial services provider’s stock worth $27,201,000 after acquiring an additional 325,541 shares during the period. Finally, Verity & Verity LLC increased its holdings in Bank of America by 3.1% in the second quarter. Verity & Verity LLC now owns 25,328 shares of the financial services provider’s stock valued at $1,199,000 after purchasing an additional 754 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.0%

BAC stock opened at $53.01 on Thursday. The company has a market cap of $387.07 billion, a price-to-earnings ratio of 14.44, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69. The business has a 50 day moving average price of $51.85 and a two-hundred day moving average price of $48.66. 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 announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion for 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 business’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 EPS. Analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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 paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BAC shares. Ameriprise Financial upgraded Bank of America to a “buy” rating in a report on Wednesday, October 22nd. The Goldman Sachs Group decreased their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Argus boosted their target price on Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. JPMorgan Chase & Co. upped their price target on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Finally, Oppenheimer lowered their price objective on shares of Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $57.77.

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.