Argyle Capital Management Inc. raised its position in shares of Bank of America Corp. (NYSE:BAC) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,076 shares of the financial services provider’s stock after buying an additional 4,600 shares during the period. Argyle Capital Management Inc.’s holdings in Bank of America Corp. were worth $1,965,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the stock. Hall Laurie J Trustee increased its position in shares of Bank of America Corp. by 28.3% in the second quarter. Hall Laurie J Trustee now owns 7,732 shares of the financial services provider’s stock worth $102,000 after buying an additional 1,707 shares in the last quarter. Acrospire Investment Management LLC acquired a new position in shares of Bank of America Corp. during the first quarter worth approximately $119,000. Orbitronix LP acquired a new position in shares of Bank of America Corp. during the first quarter worth approximately $135,000. Joel Isaacson & Co. LLC increased its position in shares of Bank of America Corp. by 7.6% in the second quarter. Joel Isaacson & Co. LLC now owns 10,317 shares of the financial services provider’s stock worth $137,000 after buying an additional 731 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. acquired a new position in shares of Bank of America Corp. during the second quarter worth approximately $138,000. Institutional investors own 60.68% of the company’s stock.
Shares of Bank of America Corp. (NYSE:BAC) traded up 0.59% during mid-day trading on Wednesday, reaching $15.38. The company had a trading volume of 66,076,402 shares. The company has a market capitalization of $161.74 billion, a price-to-earnings ratio of 12.89 and a beta of 1.67. Bank of America Corp. has a 52 week low of $10.99 and a 52 week high of $18.09. The stock has a 50 day moving average of $15.51 and a 200-day moving average of $14.37.
Bank of America Corp. (NYSE:BAC) last issued its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $20.60 million for the quarter, compared to the consensus estimate of $20.41 billion. Bank of America Corp. had a return on equity of 6.23% and a net margin of 16.31%. Bank of America Corp.’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.45 earnings per share. On average, analysts expect that Bank of America Corp. will post $1.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.95%. This is a boost from Bank of America Corp.’s previous quarterly dividend of $0.05. Bank of America Corp.’s dividend payout ratio is presently 24.59%.
A number of equities analysts recently commented on BAC shares. Vetr downgraded Bank of America Corp. from a “strong-buy” rating to a “buy” rating and set a $14.20 target price for the company. in a report on Tuesday, June 28th. Deutsche Bank AG reiterated a “buy” rating on shares of Bank of America Corp. in a report on Wednesday, June 15th. Sanford C. Bernstein reiterated a “buy” rating on shares of Bank of America Corp. in a report on Monday, June 20th. Buckingham Research reiterated a “buy” rating on shares of Bank of America Corp. in a report on Tuesday, June 21st. Finally, Citigroup Inc. reiterated a “buy” rating on shares of Bank of America Corp. in a report on Wednesday, June 29th. Nine research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. Bank of America Corp. has an average rating of “Buy” and an average target price of $24.82.
In other news, Director Thomas D. Woods bought 25,000 shares of Bank of America Corp. stock in a transaction on Tuesday, August 2nd. The stock was acquired at an average price of $14.13 per share, with a total value of $353,250.00. Following the completion of the acquisition, the director now directly owns 32,459 shares of the company’s stock, valued at $458,645.67. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.18% of the company’s stock.
About Bank of America Corp.
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.
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