Pointe Capital Management LLC boosted its position in shares of Bank of America Corp. (NYSE:BAC) by 6.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,570 shares of the financial services provider’s stock after buying an additional 2,082 shares during the period. Pointe Capital Management LLC’s holdings in Bank of America Corp. were worth $472,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hall Laurie J Trustee raised its position 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 in the last quarter. Acrospire Investment Management LLC bought a new position in Bank of America Corp. during the first quarter valued at approximately $119,000. Orbitronix LP bought a new position in Bank of America Corp. during the first quarter valued at approximately $135,000. Joel Isaacson & Co. LLC raised its position 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 in the last quarter. Finally, Stock Yards Bank & Trust Co. bought a new position 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.
Shares of Bank of America Corp. (NYSE:BAC) traded down 1.43% during midday trading on Thursday, reaching $15.16. The company’s stock had a trading volume of 78,997,682 shares. The company has a 50 day moving average of $15.52 and a 200-day moving average of $14.38. The stock has a market capitalization of $159.43 billion, a price-to-earnings ratio of 12.71 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.
Bank of America Corp. (NYSE:BAC) last posted its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.03. The business earned $20.60 million during the quarter, compared to the consensus estimate of $20.41 billion. Bank of America Corp. had a net margin of 16.31% and a return on equity of 6.23%. The company’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 earnings per share. Equities research analysts predict that Bank of America Corp. will post $1.27 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd were given a dividend of $0.075 per share. This is a boost from Bank of America Corp.’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Wednesday, August 31st. Bank of America Corp.’s payout ratio is 24.59%.
BAC has been the subject of several recent research reports. Sanford C. Bernstein reiterated a “buy” rating on shares of Bank of America Corp. in a research report on Monday, June 20th. Buckingham Research reiterated a “buy” rating on shares of Bank of America Corp. in a research report on Tuesday, June 21st. Citigroup Inc. reiterated a “buy” rating on shares of Bank of America Corp. in a research report on Wednesday, June 29th. Vetr lowered Bank of America Corp. from a “strong-buy” rating to a “buy” rating and set a $14.20 price target for the company. in a research report on Tuesday, June 28th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Bank of America Corp. in a research report on Wednesday, June 15th. Nine research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $24.82.
In other news, Director Thomas D. Woods acquired 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was 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 in the company, valued at $458,645.67. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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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