First Command Bank grew its position in shares of Bank of America Corporation (NYSE:BAC) by 99.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,620 shares of the financial services provider’s stock after buying an additional 15,296 shares during the period. First Command Bank’s holdings in Bank of America Corporation were worth $742,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Investec Asset Management LTD lifted its holdings in shares of Bank of America Corporation by 163.4% in the 1st quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock worth $248,655,000 after purchasing an additional 6,538,908 shares during the last quarter. Karp Capital Management Corp bought a new stake in shares of Bank of America Corporation in the 1st quarter worth approximately $91,522,000. Artisan Partners Limited Partnership lifted its holdings in shares of Bank of America Corporation by 56.2% in the 1st quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock worth $246,799,000 after purchasing an additional 3,764,582 shares during the last quarter. Old Mutual Global Investors UK Ltd. lifted its holdings in shares of Bank of America Corporation by 98.4% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 7,352,057 shares of the financial services provider’s stock worth $173,435,000 after purchasing an additional 3,647,032 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Bank of America Corporation in the 1st quarter worth approximately $40,414,000. 61.66% of the stock is currently owned by institutional investors.
In related news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction 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 filing with the SEC, which is available through this link. 0.18% of the stock is owned by corporate insiders.
Several analysts recently issued reports on BAC shares. Buckingham Research reissued a “buy” rating and issued a $30.00 price target (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 reissued a “buy” rating and issued a $27.00 price target on shares of Bank of America Corporation in a report on Wednesday, June 7th. Finally, Credit Suisse Group reissued a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. Two investment 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 issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $24.41.
Shares of Bank of America Corporation (BAC) traded up 0.58% during mid-day trading on Friday, hitting $24.38. The stock had a trading volume of 85,937,551 shares. Bank of America Corporation has a 12-month low of $14.81 and a 12-month high of $25.80. The stock’s 50-day moving average price is $24.00 and its 200-day moving average price is $23.82. The stock has a market capitalization of $256.39 billion, a price-to-earnings ratio of 14.52 and a beta of 1.26.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Zacks’ 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 analysts’ expectations of $21.84 billion. During the same quarter in the prior year, the company earned $0.41 EPS. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
Bank of America Corporation announced that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.97%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is currently 28.57%.
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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