Markston International LLC boosted its position in Bank of America Corp. (NYSE:BAC) by 1.5% during the second quarter, Holdings Channel reports. The institutional investor owned 888,280 shares of the financial services provider’s stock after buying an additional 13,088 shares during the period. Markston International LLC’s holdings in Bank of America Corp. were worth $11,787,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Hall Laurie J Trustee increased 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 worth $102,000 after buying an additional 1,707 shares in the last quarter. Acrospire Investment Management LLC purchased a new stake in Bank of America Corp. during the first quarter worth approximately $119,000. Orbitronix LP purchased a new stake in Bank of America Corp. during the first quarter worth approximately $135,000. Joel Isaacson & Co. LLC increased 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 worth $137,000 after buying an additional 731 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. purchased a new stake in Bank of America Corp. during the second quarter worth approximately $138,000. 60.68% of the stock is currently owned by institutional investors.
Shares of Bank of America Corp. (NYSE:BAC) traded down 0.13% during trading on Monday, hitting $15.63. The stock had a trading volume of 69,873,051 shares. The stock has a market capitalization of $164.37 billion, a P/E ratio of 13.10 and a beta of 1.50. Bank of America Corp. has a 12-month low of $10.99 and a 12-month high of $18.09. The stock’s 50-day moving average is $15.56 and its 200-day moving average is $14.42.
Bank of America Corp. (NYSE:BAC) last released 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 business 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 quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 earnings per share. Analysts predict that Bank of America Corp. will post $1.26 EPS for the current fiscal year.
The business 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. The ex-dividend date was Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.92%. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05. Bank of America Corp.’s payout ratio is currently 24.59%.
A number of research firms have recently commented on BAC. Wells Fargo & Co. reissued a “buy” rating on shares of Bank of America Corp. in a research note on Saturday, July 9th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Bank of America Corp. in a research report on Saturday, July 9th. Jefferies Group reaffirmed a “buy” rating on shares of Bank of America Corp. in a research report on Sunday, July 10th. Vetr raised Bank of America Corp. from a “buy” rating to a “strong-buy” rating and set a $14.58 target price on the stock in a research report on Tuesday, July 5th. Finally, Buckingham Research reaffirmed a “buy” rating on shares of Bank of America Corp. in a research report on Tuesday, June 21st. Nine investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock 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 stock in a transaction that occurred on Tuesday, August 2nd. The shares were acquired at an average price of $14.13 per share, with a total value of $353,250.00. Following the completion of the transaction, the director now owns 32,459 shares in the company, valued at $458,645.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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.