Boston Advisors LLC decreased its position in Bank of America Corp. (NYSE:BAC) by 9.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,815,235 shares of the financial services provider’s stock after selling 183,735 shares during the period. Boston Advisors LLC’s holdings in Bank of America Corp. were worth $24,088,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in BAC. Douglas Lane & Associates LLC acquired a new stake in Bank of America Corp. during the first quarter worth approximately $476,000. Vicus Capital raised its position in shares of Bank of America Corp. by 36.0% in the first quarter. Vicus Capital now owns 57,424 shares of the financial services provider’s stock valued at $776,000 after buying an additional 15,185 shares during the period. Lincluden Management Ltd. raised its position in shares of Bank of America Corp. by 1.0% in the first quarter. Lincluden Management Ltd. now owns 418,551 shares of the financial services provider’s stock valued at $5,659,000 after buying an additional 3,955 shares during the period. PM CAPITAL Ltd acquired a new position in shares of Bank of America Corp. during the first quarter valued at approximately $51,983,000. Finally, OLD National Bancorp IN raised its position in shares of Bank of America Corp. by 295.9% in the first quarter. OLD National Bancorp IN now owns 112,647 shares of the financial services provider’s stock valued at $1,523,000 after buying an additional 84,193 shares during the period. 60.68% of the stock is currently owned by institutional investors.
Bank of America Corp. (NYSE:BAC) traded up 0.59% during mid-day trading on Wednesday, hitting $15.38. The stock had a trading volume of 66,076,402 shares. The company has a 50-day moving average of $15.51 and a 200-day moving average of $14.37. The stock has a market cap of $161.74 billion, a price-to-earnings ratio of 12.89 and a beta of 1.67. Bank of America Corp. has a 12-month low of $10.99 and a 12-month high of $18.09.
Bank of America Corp. (NYSE:BAC) last posted its earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $20.60 million for the quarter, compared to analysts’ expectations of $20.41 billion. Bank of America Corp. had a return on equity of 6.23% and a net margin of 16.31%. The firm’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same period last year, the business posted $0.45 earnings per share. On average, analysts anticipate that Bank of America Corp. will post $1.27 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.95%. This is a boost from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Wednesday, August 31st. Bank of America Corp.’s dividend payout ratio (DPR) is presently 24.59%.
Several brokerages have recently commented on BAC. Morgan Stanley reaffirmed an “overweight” rating and issued a $17.00 price target on shares of Bank of America Corp. in a research note on Tuesday. Vetr raised Bank of America Corp. from a “buy” rating to a “strong-buy” rating and set a $17.64 price target on the stock in a research note on Monday. Credit Agricole SA upped their price target on Bank of America Corp. from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, September 23rd. Goldman Sachs Group Inc. reaffirmed a “buy” rating and issued a $19.00 price target (up previously from $17.00) on shares of Bank of America Corp. in a research note on Friday, September 16th. Finally, Societe Generale lowered Bank of America Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, September 13th. Nine equities 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. Bank of America Corp. presently has an average rating of “Buy” and a consensus target price of $24.82.
In related news, Director Thomas D. Woods bought 25,000 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were bought at an average cost of $14.13 per share, for a total transaction of $353,250.00. Following the completion of the purchase, the director now owns 32,459 shares of the company’s stock, valued at approximately $458,645.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.18% of the stock is owned by company insiders.
Bank of America Corp. Company Profile
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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