Raelipskie Partnership Has $1.68 Million Stake in Bank of America Corporation $BAC

Raelipskie Partnership boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 4.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 35,487 shares of the financial services provider’s stock after purchasing an additional 1,450 shares during the period. Raelipskie Partnership’s holdings in Bank of America were worth $1,679,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its holdings in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. Leavell Investment Management Inc. boosted its holdings in shares of Bank of America by 5.4% during the first quarter. Leavell Investment Management Inc. now owns 16,808 shares of the financial services provider’s stock worth $701,000 after purchasing an additional 857 shares during the period. Rogco LP grew its position in Bank of America by 15.4% during the first quarter. Rogco LP now owns 22,623 shares of the financial services provider’s stock valued at $944,000 after purchasing an additional 3,012 shares in the last quarter. tru Independence LLC increased its stake in Bank of America by 0.4% in the 1st quarter. tru Independence LLC now owns 182,756 shares of the financial services provider’s stock valued at $7,626,000 after buying an additional 738 shares during the period. Finally, Stonebrook Private Inc. increased its stake in Bank of America by 5.8% in the 1st quarter. Stonebrook Private Inc. now owns 19,584 shares of the financial services provider’s stock valued at $817,000 after buying an additional 1,081 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.8%

Shares of Bank of America stock opened at $53.38 on Friday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.99. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a 50 day moving average price of $51.28 and a two-hundred day moving average price of $47.39. The stock has a market capitalization of $389.81 billion, a P/E ratio of 14.54, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. 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 firm earned $0.81 EPS. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Dividend Announcement

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 given 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%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BAC. HSBC boosted their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Argus lifted their price objective on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Deutsche Bank Aktiengesellschaft upped their target price on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Finally, Oppenheimer lifted their target price 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. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

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.