Wright Investors Service Inc. cut its stake in shares of Bank of America Corp (NYSE:BAC) by 3.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 137,140 shares of the financial services provider’s stock after selling 4,774 shares during the period. Bank of America accounts for approximately 1.5% of Wright Investors Service Inc.’s portfolio, making the stock its 16th largest holding. Wright Investors Service Inc.’s holdings in Bank of America were worth $3,977,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in BAC. CNB Bank increased its position in shares of Bank of America by 188.4% during the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after buying an additional 620 shares during the period. Paragon Capital Management LLC bought a new stake in shares of Bank of America during the first quarter valued at about $33,000. Camarda Financial Advisors LLC increased its position in shares of Bank of America by 167.2% during the first quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,067 shares during the period. Nalls Sherbakoff Group LLC bought a new stake in shares of Bank of America during the fourth quarter valued at about $48,000. Finally, First Financial Corp IN increased its position in shares of Bank of America by 77.9% during the first quarter. First Financial Corp IN now owns 2,283 shares of the financial services provider’s stock valued at $63,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 69.50% of the company’s stock.
Several brokerages have recently weighed in on BAC. Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target on the stock. in a research report on Tuesday, April 30th. Jefferies Financial Group cut Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research report on Wednesday, April 17th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective on the stock. in a research report on Wednesday, July 10th. JPMorgan Chase & Co. decreased their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. Finally, Morgan Stanley set a $31.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $32.89.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The company had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. Bank of America’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.63 earnings per share. On average, research analysts anticipate that Bank of America Corp will post 2.83 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.71%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. Bank of America’s dividend payout ratio is 22.99%.
Bank of America announced that its Board of Directors has initiated a stock buyback program on Thursday, June 27th that permits the company to repurchase $30.90 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
Bank of America Company Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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