Providence Capital Advisors LLC Grows Position in Bank of America Corp (NYSE:BAC)

Providence Capital Advisors LLC lifted its position in shares of Bank of America Corp (NYSE:BAC) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,259 shares of the financial services provider’s stock after purchasing an additional 1,035 shares during the quarter. Providence Capital Advisors LLC’s holdings in Bank of America were worth $1,922,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Daily Journal Corp lifted its stake in shares of Bank of America by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after purchasing an additional 227,700,000 shares during the period. Great West Life Assurance Co. Can acquired a new stake in Bank of America during the second quarter valued at $239,996,000. APG Asset Management N.V. increased its holdings in Bank of America by 15.4% in the second quarter. APG Asset Management N.V. now owns 27,064,355 shares of the financial services provider’s stock valued at $689,205,000 after buying an additional 3,609,300 shares in the last quarter. Schafer Cullen Capital Management Inc purchased a new position in Bank of America in the second quarter valued at $102,186,000. Finally, Thoroughbred Financial Services LLC increased its holdings in Bank of America by 2,897.0% in the second quarter. Thoroughbred Financial Services LLC now owns 3,420,637 shares of the financial services provider’s stock valued at $342,064,000 after buying an additional 3,306,502 shares in the last quarter. 68.61% of the stock is currently owned by institutional investors and hedge funds.

In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

Several research firms have recently issued reports on BAC. Keefe, Bruyette & Woods lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $36.00 to $29.00 in a research note on Thursday, September 5th. Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target for the company. in a report on Wednesday, July 10th. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a report on Monday, June 17th. Finally, Berenberg Bank set a $30.00 price objective on Bank of America and gave the company a “hold” rating in a report on Monday, June 17th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $32.29.

Bank of America stock traded up $0.11 during midday trading on Wednesday, reaching $29.46. The company had a trading volume of 52,862,614 shares, compared to its average volume of 55,299,916. The company has a market capitalization of $266.50 billion, a P/E ratio of 11.29, a P/E/G ratio of 1.13 and a beta of 1.57. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.37. The firm’s fifty day simple moving average is $28.17 and its 200-day simple moving average is $28.70. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. During the same period in the previous year, the business earned $0.63 EPS. Bank of America’s quarterly revenue was up 2.7% on a year-over-year basis. On average, analysts expect that Bank of America Corp will post 2.82 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a $0.18 dividend. The ex-dividend date is Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.44%. Bank of America’s payout ratio is currently 27.59%.

Bank of America declared that its board has authorized a share repurchase program 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 repurchase up to 11.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management 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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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