Compton Capital Management Inc. RI Has $2.31 Million Holdings in Bank of America Corporation (BAC)

Compton Capital Management Inc. RI increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 97,766 shares of the financial services provider’s stock after acquiring an additional 675 shares during the quarter. Bank of America Corporation makes up about 1.1% of Compton Capital Management Inc. RI’s holdings, making the stock its 26th largest position. Compton Capital Management Inc. RI’s holdings in Bank of America Corporation were worth $2,306,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Capital Management Corp VA lifted its holdings in Bank of America Corporation by 0.3% during the first quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 33 shares during the period. Welch Group LLC raised its stake in shares of Bank of America Corporation by 0.4% in the first quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock valued at $237,000 after buying an additional 42 shares during the period. WealthTrust Axiom LLC raised its stake in shares of Bank of America Corporation by 0.3% in the first quarter. WealthTrust Axiom LLC now owns 23,366 shares of the financial services provider’s stock valued at $551,000 after buying an additional 70 shares during the period. Horrell Capital Management Inc. raised its stake in shares of Bank of America Corporation by 0.3% in the first quarter. Horrell Capital Management Inc. now owns 37,950 shares of the financial services provider’s stock valued at $895,000 after buying an additional 100 shares during the period. Finally, Retirement Planning Group raised its stake in shares of Bank of America Corporation by 1.4% in the first quarter. Retirement Planning Group now owns 11,316 shares of the financial services provider’s stock valued at $267,000 after buying an additional 159 shares during the period. Institutional investors and hedge funds own 61.66% of the company’s stock.

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 announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share. Analysts predict 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 buyback plan on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders 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 dividend yield of 1.97%. The ex-dividend date of this dividend is Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is currently 28.57%.

In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.18% of the company’s stock.

BAC has been the topic of several research reports. Credit Suisse Group restated a “buy” rating on shares of Bank of America Corporation in a research note on Sunday, June 4th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research note on Wednesday, June 7th. Vetr lowered Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.20 target price on the stock. in a research note on Monday, June 12th. Deutsche Bank AG restated a “hold” rating on shares of Bank of America Corporation in a research note on Monday, July 3rd. Finally, BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $24.41.

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Bank of America Corporation Company Profile

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.

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

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