Triangle Securities Wealth Management increased its stake in Bank of America Corp (NYSE:BAC) by 9.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,585 shares of the financial services provider’s stock after acquiring an additional 5,002 shares during the period. Triangle Securities Wealth Management’s holdings in Bank of America were worth $1,681,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Daily Journal Corp lifted its stake in Bank of America by 9,900.0% in the second quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock worth $66,700,000 after purchasing an additional 227,700,000 shares during the last quarter. Norges Bank bought a new stake in Bank of America in the fourth quarter worth about $2,656,024,000. Brandywine Global Investment Management LLC lifted its stake in Bank of America by 111.7% in the fourth quarter. Brandywine Global Investment Management LLC now owns 11,609,495 shares of the financial services provider’s stock worth $286,058,000 after purchasing an additional 6,124,599 shares during the last quarter. Millennium Management LLC lifted its stake in Bank of America by 92.4% in the fourth quarter. Millennium Management LLC now owns 7,969,307 shares of the financial services provider’s stock worth $196,364,000 after purchasing an additional 3,827,667 shares during the last quarter. Finally, International Value Advisers LLC lifted its stake in Bank of America by 31.9% in the first quarter. International Value Advisers LLC now owns 10,440,488 shares of the financial services provider’s stock worth $288,053,000 after purchasing an additional 2,527,195 shares during the last quarter. Institutional investors own 68.20% of the company’s stock.
Several analysts have issued reports on the stock. ValuEngine raised shares of Worldline from a “hold” rating to a “buy” rating in a research note on Tuesday. Jefferies Financial Group set a $158.00 price objective on shares of HCA Healthcare and gave the stock a “buy” rating in a research note on Wednesday, April 17th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a research note on Monday, June 17th. HSBC reaffirmed a “hold” rating on shares of Societe Generale in a research note on Thursday, April 4th. Finally, Zacks Investment Research downgraded shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $32.52.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The company had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. Bank of America’s revenue was up 2.7% compared to the same quarter last year. During the same period last year, the company posted $0.63 earnings per share. As a group, research analysts expect that Bank of America Corp will post 2.83 earnings per share for the current year.
Bank of America declared that its Board of Directors has initiated a stock buyback plan on Thursday, June 27th that allows the company to buyback $30.90 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Bank of America Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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