Mechanics Bank Trust Department raised its position in Bank of America Corporation (NYSE:BAC) by 11.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 11,981 shares of the financial services provider’s stock after purchasing an additional 1,275 shares during the period. Mechanics Bank Trust Department’s holdings in Bank of America Corporation were worth $290,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of BAC. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America Corporation in the second quarter valued at $100,000. Armbruster Capital Management Inc. lifted its position in shares of Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 423 shares in the last quarter. Tarbox Family Office Inc. lifted its position in shares of Bank of America Corporation by 0.4% in the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 21 shares in the last quarter. Pinnacle Bank purchased a new stake in shares of Bank of America Corporation in the first quarter valued at $122,000. Finally, Lenox Wealth Advisors Inc. purchased a new stake in shares of Bank of America Corporation in the second quarter valued at $144,000. 61.63% of the stock is currently owned by institutional investors.
BAC has been the topic of several recent research reports. Vetr upgraded Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a research report on Wednesday, August 30th. Credit Suisse Group restated a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Jefferies Group LLC restated a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $26.00 target price on shares of Bank of America Corporation in a research report on Thursday, July 20th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $24.41.
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Bank of America Corporation (NYSE BAC) opened at 25.02 on Friday. The company has a market cap of $263.12 billion, a P/E ratio of 14.90 and a beta of 1.26. The firm’s 50-day moving average price is $24.04 and its 200-day moving average price is $23.79. Bank of America Corporation has a 12-month low of $14.81 and a 12-month high of $25.80.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post $1.81 EPS for the current year.
Bank of America Corporation announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.92%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s payout ratio is currently 28.57%.
In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.18% of the company’s stock.
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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