JustInvest LLC Boosts Position in Bank of America Co. (NYSE:BAC)


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JustInvest LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 40.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 84,218 shares of the financial services provider’s stock after buying an additional 24,428 shares during the quarter. Bank of America comprises 0.5% of JustInvest LLC’s portfolio, making the stock its 29th largest holding. JustInvest LLC’s holdings in Bank of America were worth $3,258,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Sound View Wealth Advisors Group LLC grew its holdings in shares of Bank of America by 1.1% during the first quarter. Sound View Wealth Advisors Group LLC now owns 37,342 shares of the financial services provider’s stock worth $1,445,000 after purchasing an additional 417 shares in the last quarter. US Bancorp DE grew its holdings in shares of Bank of America by 2.4% during the first quarter. US Bancorp DE now owns 7,991,098 shares of the financial services provider’s stock worth $309,175,000 after purchasing an additional 185,524 shares in the last quarter. Clarity Wealth Advisors LLC purchased a new position in shares of Bank of America during the first quarter worth about $234,000. Unison Asset Management LLC grew its holdings in shares of Bank of America by 3.0% during the first quarter. Unison Asset Management LLC now owns 179,481 shares of the financial services provider’s stock worth $6,944,000 after purchasing an additional 5,219 shares in the last quarter. Finally, Raab & Moskowitz Asset Management LLC grew its holdings in shares of Bank of America by 1.5% during the first quarter. Raab & Moskowitz Asset Management LLC now owns 72,629 shares of the financial services provider’s stock worth $2,810,000 after purchasing an additional 1,089 shares in the last quarter. 68.10% of the stock is owned by institutional investors and hedge funds.

BAC stock traded down $0.30 during midday trading on Tuesday, hitting $40.26. The stock had a trading volume of 1,111,725 shares, compared to its average volume of 54,064,039. Bank of America Co. has a 52-week low of $20.10 and a 52-week high of $41.13. The firm has a market cap of $347.33 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59. The business has a 50-day moving average of $39.07 and a two-hundred day moving average of $32.43. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, April 15th. The financial services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.21. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.67 billion. During the same quarter in the prior year, the company earned $0.40 earnings per share. Bank of America’s revenue was up .1% on a year-over-year basis. Research analysts predict that Bank of America Co. will post 1.84 earnings per share for the current year.

Bank of America declared that its board has approved a stock repurchase program on Tuesday, January 19th that authorizes the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 25th. Shareholders of record on Friday, June 4th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Thursday, June 3rd. Bank of America’s dividend payout ratio is 24.49%.

BAC has been the subject of several recent analyst reports. Zacks Investment Research raised Bank of America from a “hold” rating to a “strong-buy” rating and set a $45.00 price objective for the company in a report on Monday, April 19th. Smith Barney Citigroup raised Bank of America from a “neutral” rating to a “buy” rating in a research note on Monday, January 11th. UBS Group set a $30.00 target price on Bank of America and gave the stock a “neutral” rating in a research note on Tuesday, January 19th. Royal Bank of Canada upped their target price on Bank of America from $37.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, April 16th. Finally, Robert W. Baird lowered Bank of America from an “outperform” rating to a “neutral” rating and set a $42.00 target price for the company. in a research note on Tuesday. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Bank of America currently has an average rating of “Buy” and a consensus price target of $38.26.

Bank of America 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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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