WealthPLAN Partners LLC increased its position in shares of Bank of America Corp (NYSE:BAC) by 559.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,099 shares of the financial services provider’s stock after buying an additional 17,050 shares during the period. WealthPLAN Partners LLC’s holdings in Bank of America were worth $488,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. M Holdings Securities Inc. grew its stake in Bank of America by 72.9% in the first quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock valued at $2,242,000 after purchasing an additional 40,069 shares during the last quarter. Lbmc Investment Advisors LLC grew its stake in Bank of America by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 51 shares during the last quarter. YHB Investment Advisors Inc. grew its stake in Bank of America by 17.2% in the second quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock valued at $3,917,000 after purchasing an additional 23,729 shares during the last quarter. Synovus Financial Corp grew its stake in Bank of America by 11.7% in the second quarter. Synovus Financial Corp now owns 594,179 shares of the financial services provider’s stock valued at $14,416,000 after purchasing an additional 62,064 shares during the last quarter. Finally, Montag A & Associates Inc. grew its stake in Bank of America by 47.4% in the second quarter. Montag A & Associates Inc. now owns 385,764 shares of the financial services provider’s stock valued at $9,359,000 after purchasing an additional 123,986 shares during the last quarter. Hedge funds and other institutional investors own 68.28% of the company’s stock.
Several equities analysts have issued reports on the company. BidaskClub upgraded Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Vetr upgraded Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 target price on the stock in a research note on Wednesday, August 30th. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 target price (up previously from $27.00) on shares of Bank of America in a research note on Monday, October 16th. Wells Fargo & Company assumed coverage on Bank of America in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price on the stock. Finally, Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $26.25.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same period in the previous year, the company posted $0.41 earnings per share. Bank of America’s revenue for the quarter was up 2.1% on a year-over-year basis. analysts expect that Bank of America Corp will post 1.81 EPS for the current fiscal year.
Bank of America declared that its Board of Directors has initiated a share buyback plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s payout ratio is presently 27.43%.
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About Bank of America
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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