Reliance Trust Co. of Delaware boosted its holdings in Bank of America Corporation (NYSE:BAC) by 6.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 45,995 shares of the financial services provider’s stock after acquiring an additional 2,784 shares during the period. Reliance Trust Co. of Delaware’s holdings in Bank of America Corporation were worth $1,116,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Northwest Investment Counselors LLC acquired a new position in Bank of America Corporation in the second quarter valued at approximately $100,000. Armbruster Capital Management Inc. lifted 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 acquiring an additional 423 shares during the last quarter. Tarbox Family Office Inc. lifted 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 acquiring an additional 21 shares during the last quarter. Lenox Wealth Advisors Inc. acquired a new position in Bank of America Corporation in the second quarter valued at approximately $144,000. Finally, Jacobi Capital Management LLC lifted its holdings in Bank of America Corporation by 21.0% in the first quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 1,101 shares during the last quarter. Hedge funds and other institutional investors own 61.66% of the company’s stock.
Shares of Bank of America Corporation (NYSE:BAC) opened at 24.38 on Friday. The stock’s 50 day moving average is $24.00 and its 200 day moving average is $23.82. The firm has a market cap of $256.39 billion, a P/E ratio of 14.52 and a beta of 1.26. Bank of America Corporation has a 52 week low of $14.81 and a 52 week 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 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The company 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 company’s revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 EPS. On average, equities research analysts predict that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 annualized dividend and a dividend 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 payout ratio is presently 28.57%.
Bank of America Corporation announced that its board has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
A number of brokerages have issued reports on BAC. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. CIBC reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 4th. Vetr lowered Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 target price on the stock. in a research report on Wednesday, June 28th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research report on Friday, August 11th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $24.41.
In other news, Director Frank P. Bramble sold 86,763 shares of the business’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 approximately $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is currently owned by 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.
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