Bank of America Corporation $BAC is Tufton Capital Management’s 8th Largest Position

Tufton Capital Management trimmed its stake in Bank of America Corporation (NYSE:BAC) by 3.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 235,773 shares of the financial services provider’s stock after selling 8,767 shares during the period. Bank of America accounts for about 2.1% of Tufton Capital Management’s investment portfolio, making the stock its 8th biggest holding. Tufton Capital Management’s holdings in Bank of America were worth $11,156,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of BAC. Boston Common Asset Management LLC boosted its holdings in shares of Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after buying an additional 24,740 shares during the last quarter. Disciplined Investments LLC purchased a new position in Bank of America during the second quarter valued at approximately $217,000. Nicholas Hoffman & Company LLC. lifted its holdings in Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC lifted its holdings in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC purchased a new position in Bank of America during the second quarter valued at approximately $287,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. HSBC upped their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 price target (up previously from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $57.59.

Bank of America Trading Up 0.2%

NYSE BAC opened at $53.56 on Tuesday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.64. The company’s 50-day moving average price is $51.11 and its 200-day moving average price is $47.20. The stock has a market cap of $396.73 billion, a PE ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 earnings per share. Equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Bank of America declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.