AllSquare Wealth Management LLC grew its stake in Bank of America Corporation (NYSE:BAC) by 7.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,171 shares of the financial services provider’s stock after purchasing an additional 1,571 shares during the quarter. Bank of America Corporation makes up about 0.5% of AllSquare Wealth Management LLC’s holdings, making the stock its 29th largest position. AllSquare Wealth Management LLC’s holdings in Bank of America Corporation were worth $523,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently bought and sold shares of the company. Armbruster Capital Management Inc. lifted its holdings in Bank of America Corporation by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after acquiring an additional 423 shares during the period. Pinnacle Bank bought a new stake in Bank of America Corporation during the first quarter worth $122,000. Adirondack Trust Co. lifted its holdings in Bank of America Corporation by 9.5% during the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock worth $140,000 after acquiring an additional 519 shares during the period. Cohen Capital Management Inc. bought a new stake in Bank of America Corporation during the first quarter worth $145,000. Finally, Grisanti Capital Management LLC bought a new stake in Bank of America Corporation during the first quarter worth $153,000. Institutional investors own 61.66% of the company’s stock.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by company insiders.
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A number of analysts recently commented on the company. Vetr lowered Bank of America Corporation from a “strong-buy” rating to a “hold” rating and set a $24.86 price target on the stock. in a report on Wednesday. BidaskClub lowered Bank of America Corporation from a “hold” rating to a “sell” rating in a report on Tuesday. Robert W. Baird restated a “hold” rating and issued a $24.00 target price on shares of Bank of America Corporation in a research note on Friday, August 25th. Jefferies Group LLC restated a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research note on Friday, August 11th. Finally, Wells Fargo & Company initiated coverage on Bank of America Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $24.41.
Bank of America Corporation (NYSE:BAC) traded up 0.58% on Friday, reaching $24.38. The company’s stock had a trading volume of 85,937,551 shares. The company has a market capitalization of $256.39 billion, a PE ratio of 14.52 and a beta of 1.26. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80. The firm has a 50-day moving average of $24.00 and a 200-day moving average of $23.82.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the business posted $0.41 earnings per share. Analysts predict that Bank of America Corporation will post $1.81 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.97%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.
Bank of America Corporation announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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