Investment Centers of America Inc. acquired a new stake in Bank of America Corp. (NYSE:BAC) during the second quarter, Holdings Channel reports. The fund acquired 94,143 shares of the financial services provider’s stock, valued at approximately $1,251,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hall Laurie J Trustee raised its stake in 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 valued at $102,000 after buying an additional 1,707 shares during the period. Acrospire Investment Management LLC bought a new stake in Bank of America Corp. during the first quarter valued at approximately $119,000. Orbitronix LP bought a new stake in Bank of America Corp. during the first quarter valued at approximately $135,000. Joel Isaacson & Co. LLC raised its stake in 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 valued at $137,000 after buying an additional 731 shares during the period. Finally, Stock Yards Bank & Trust Co. bought a new stake in Bank of America Corp. during the second quarter valued at approximately $138,000. Hedge funds and other institutional investors own 60.68% of the company’s stock.
Bank of America Corp. (NYSE:BAC) traded down 0.033% on Wednesday, hitting $15.285. The stock had a trading volume of 13,043,528 shares. Bank of America Corp. has a one year low of $10.99 and a one year high of $18.09. The company’s 50-day moving average is $15.51 and its 200-day moving average is $14.37. The stock has a market cap of $160.74 billion, a P/E ratio of 12.812 and a beta of 1.67.
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 for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. Bank of America Corp. had a return on equity of 6.23% and a net margin of 16.31%. The company had revenue of $20.60 million for the quarter, compared to analyst estimates of $20.41 billion. During the same quarter in the prior year, the company posted $0.45 EPS. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. On average, analysts anticipate 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. Investors of record on Friday, September 2nd were given a $0.075 dividend. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend was Wednesday, August 31st. Bank of America Corp.’s dividend payout ratio (DPR) is 24.59%.
Several analysts recently commented on BAC shares. Robert W. Baird raised Bank of America Corp. from a “neutral” rating to an “outperform” rating in a report on Thursday, August 25th. Vetr raised Bank of America Corp. from a “hold” rating to a “buy” rating and set a $16.56 price objective on the stock in a report on Monday, August 29th. Goldman Sachs Group Inc. reissued a “conviction-buy” rating and issued a $17.00 price objective on shares of Bank of America Corp. in a report on Friday, August 26th. Macquarie raised Bank of America Corp. from an “underperform” rating to a “neutral” rating in a report on Thursday, August 25th. Finally, Credit Agricole SA raised their price objective on Bank of America Corp. from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, September 23rd. Nine investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $24.82.
In other news, Director Thomas D. Woods bought 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were acquired at an average cost of $14.13 per share, with a total value of $353,250.00. Following the transaction, the director now owns 32,459 shares of the company’s stock, valued at approximately $458,645.67. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.18% of the stock is owned by corporate 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.
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp. (NYSE:BAC).
Receive News & Ratings for Bank of America Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corp. and related companies with MarketBeat.com's FREE daily email newsletter.