SNS Financial Group LLC Has $326,000 Holdings in Bank of America Corporation (BAC)

SNS Financial Group LLC increased its holdings in Bank of America Corporation (NYSE:BAC) by 79.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,818 shares of the financial services provider’s stock after purchasing an additional 6,102 shares during the period. SNS Financial Group LLC’s holdings in Bank of America Corporation were worth $326,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. WINTON GROUP Ltd grew its position in shares of Bank of America Corporation by 27.1% in the first quarter. WINTON GROUP Ltd now owns 707,491 shares of the financial services provider’s stock valued at $11,072,000 after purchasing an additional 151,066 shares during the period. Strategic Global Advisors LLC grew its position in shares of Bank of America Corporation by 18.3% in the first quarter. Strategic Global Advisors LLC now owns 184,859 shares of the financial services provider’s stock valued at $4,361,000 after purchasing an additional 28,540 shares during the period. InterOcean Capital LLC grew its position in shares of Bank of America Corporation by 29.8% in the first quarter. InterOcean Capital LLC now owns 53,899 shares of the financial services provider’s stock valued at $1,271,000 after purchasing an additional 12,370 shares during the period. AE Wealth Management LLC grew its position in shares of Bank of America Corporation by 48.5% in the first quarter. AE Wealth Management LLC now owns 21,824 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 7,123 shares during the period. Finally, Tiemann Investment Advisors LLC grew its position in shares of 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 purchasing an additional 52 shares during the period. 61.66% of the stock is owned by institutional investors and hedge funds.

BAC has been the subject of a number of recent analyst reports. Vetr raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective for the company in a research report on Wednesday, August 30th. Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. BidaskClub raised Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Jefferies Group LLC reissued a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $26.00 price target on shares of Bank of America Corporation in a research report on Thursday, July 20th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $24.41.

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Shares of Bank of America Corporation (BAC) traded up 0.21% during mid-day trading on Friday, reaching $24.29. The company’s stock had a trading volume of 32,604,555 shares. The company has a 50 day moving average price of $23.99 and a 200 day moving average price of $23.82. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80. The stock has a market capitalization of $255.44 billion, a P/E ratio of 14.47 and a beta of 1.26.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. During the same period last year, the business posted $0.41 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

Bank of America Corporation announced that its board has authorized a share repurchase program on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.98%. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.

In related 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 transaction of $2,096,194.08. Following the sale, the director now directly owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.18% of the stock is owned by company insiders.

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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