GHP Investment Advisors Inc. grew its stake in Bank of America Corporation (NYSE:BAC) by 3.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,329 shares of the financial services provider’s stock after purchasing an additional 1,492 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Bank of America Corporation were worth $1,140,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Armbruster Capital Management Inc. lifted its holdings 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 purchasing an additional 423 shares in the last quarter. Pinnacle Bank bought a new position in shares of Bank of America Corporation in the first quarter valued at approximately $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 reiterated a “hold” rating and set a $24.00 price target on shares of Bank of America Corporation in a report on Friday, August 25th. Jefferies Group LLC reiterated a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a report on Friday, August 11th. Finally, Wells Fargo & Company assumed coverage on Bank of America Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $24.41.
Bank of America Corporation (NYSE BAC) traded up 0.58% during midday trading on Friday, hitting $24.38. The 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 1-year low of $14.81 and a 1-year high of $25.80. The stock’s 50-day moving average is $24.00 and its 200-day moving average is $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. Equities research analysts forecast 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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