Hillsdale Investment Management Inc. purchased a new position in shares of Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,550 shares of the financial services provider’s stock, valued at approximately $320,000.
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.
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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 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.
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.
Bank of America Corporation (NYSE BAC) traded up 0.58% on Friday, hitting $24.38. The company’s stock had a trading volume of 85,937,551 shares. The firm has a market cap of $256.39 billion, a price-to-earnings ratio of 14.52 and a beta of 1.26. The firm has a 50 day moving average of $24.00 and a 200 day moving average of $23.82. 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 posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter in the previous year, the firm posted $0.41 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. Equities research analysts forecast that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.
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%.
Bank of America Corporation declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is 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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