Plancorp LLC raised its position in Bank of America Corporation (NYSE:BAC) by 0.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 85,401 shares of the financial services provider’s stock after purchasing an additional 1 shares during the period. Bank of America Corporation comprises approximately 0.6% of Plancorp LLC’s portfolio, making the stock its 27th biggest holding. Plancorp LLC’s holdings in Bank of America Corporation were worth $2,071,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Northwest Investment Counselors LLC acquired a new stake in Bank of America Corporation in the second quarter valued at $100,000. Armbruster Capital Management Inc. grew its holdings in 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 during the last quarter. Tarbox Family Office Inc. grew its holdings in 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 purchasing an additional 21 shares during the last quarter. Pinnacle Bank acquired a new stake in Bank of America Corporation in the first quarter valued at $122,000. Finally, Lenox Wealth Advisors Inc. acquired a new stake in Bank of America Corporation in the second quarter valued at $144,000. 61.63% of the stock is currently owned by institutional investors.
In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.18% of the company’s stock.
Shares of Bank of America Corporation (NYSE:BAC) opened at 25.02 on Friday. Bank of America Corporation has a 52 week low of $14.81 and a 52 week high of $25.80. The firm’s 50-day moving average price is $24.04 and its 200-day moving average price is $23.79. The firm has a market cap of $263.12 billion, a price-to-earnings ratio of 14.90 and a beta of 1.26.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $22.80 billion for 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 for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 earnings per share. Equities research analysts expect that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.92%. Bank of America Corporation’s payout ratio is presently 28.57%.
Bank of America Corporation declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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Several analysts have weighed in on BAC shares. Buckingham Research reissued a “buy” rating and issued a $30.00 target price (up previously from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Jefferies Group LLC reissued a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. BidaskClub raised Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $27.00 price objective on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Finally, Credit Suisse Group restated a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $24.41.
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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