Pring Turner Capital Group Inc. Invests $210,000 in Bank of America Corporation (BAC)

Pring Turner Capital Group Inc. purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,904 shares of the financial services provider’s stock, valued at approximately $210,000.

A number of other hedge funds have also recently bought and sold shares of the business. Capital Management Corp VA lifted its holdings in Bank of America Corporation by 0.3% in the first quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 33 shares during the period. Welch Group LLC lifted its holdings in 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 acquiring an additional 42 shares during the period. Tiemann Investment Advisors LLC lifted its holdings in Bank of America Corporation by 0.3% in the first quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock valued at $470,000 after acquiring an additional 52 shares during the period. WealthTrust Axiom LLC lifted its holdings in 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 acquiring an additional 70 shares during the period. Finally, Arthur M. Cohen & Associates LLC lifted its holdings in Bank of America Corporation by 0.3% in the first quarter. Arthur M. Cohen & Associates LLC now owns 26,532 shares of the financial services provider’s stock valued at $626,000 after acquiring an additional 88 shares during the period. 61.63% of the stock is currently owned by institutional investors.

Bank of America Corporation (NYSE BAC) opened at 25.02 on Friday. The stock has a 50 day moving average price of $24.04 and a 200 day moving average price of $23.79. The firm has a market cap of $263.12 billion, a PE ratio of 14.90 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.

Bank of America Corporation (NYSE:BAC) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the 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 business had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same period in the prior year, the business earned $0.41 earnings per share. The business’s quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts expect that Bank of America Corporation will post $1.81 EPS for the current year.

Bank of America Corporation declared that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.12 dividend. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.92%. Bank of America Corporation’s dividend payout ratio is presently 28.57%.

A number of research firms have weighed in on BAC. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a research note on Friday, August 11th. Vetr downgraded Bank of America Corporation from a “strong-buy” rating to a “hold” rating and set a $24.86 price objective on the stock. in a research note on Wednesday, September 13th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 price objective (up previously from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. Finally, Wells Fargo & Company initiated coverage on Bank of America Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. Bank of America Corporation presently has an average rating of “Buy” and a consensus price target of $24.41.

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In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.18% of the stock is owned by corporate insiders.

Bank of America Corporation 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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