Trust Asset Management LLC Continues to Hold Position in Bank of America Corporation (BAC)

Trust Asset Management LLC continued to hold its stake in Bank of America Corporation (NYSE:BAC) during the second quarter, Holdings Channel reports. The firm owned 60,764 shares of the financial services provider’s stock at the end of the second quarter. Bank of America Corporation accounts for 0.5% of Trust Asset Management LLC’s investment portfolio, making the stock its 22nd largest position. Trust Asset Management LLC’s holdings in Bank of America Corporation were worth $1,474,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Capital Management Corp VA increased its position in shares of Bank of America Corporation by 0.3% in the first quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after buying an additional 33 shares during the last quarter. Welch Group LLC increased its position in shares of Bank of America Corporation by 0.4% in the first quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock valued at $237,000 after buying an additional 42 shares during the last quarter. Arbor Investment Advisors LLC increased its position in shares of Bank of America Corporation by 0.3% in the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after buying an additional 46 shares during the last quarter. Tiemann Investment Advisors LLC increased its position in shares of Bank of America Corporation by 0.3% in the first quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock valued at $470,000 after buying an additional 52 shares during the last quarter. Finally, Logan Capital Management Inc. increased its position in shares of Bank of America Corporation by 0.4% in the first quarter. Logan Capital Management Inc. now owns 14,632 shares of the financial services provider’s stock valued at $345,000 after buying an additional 61 shares during the last quarter. Institutional investors and hedge funds own 65.89% of the company’s stock.

Bank of America Corporation (BAC) opened at 23.90 on Wednesday. The stock has a market capitalization of $251.34 billion, a PE ratio of 14.71 and a beta of 1.27. The company’s 50-day moving average is $23.63 and its 200 day moving average is $23.60. Bank of America Corporation has a 12-month low of $14.09 and a 12-month high of $25.80.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 19.86% and a return on equity of 7.72%. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. During the same period in the prior year, the firm posted $0.41 EPS. Bank of America Corporation’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, equities research analysts expect that Bank of America Corporation will post $1.79 earnings per share for the current fiscal year.

Bank of America Corporation announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 2nd were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend was Wednesday, May 31st. Bank of America Corporation’s dividend payout ratio (DPR) is 18.99%.

BAC has been the subject of several research reports. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a research note on Thursday, April 6th. Vetr downgraded shares of Bank of America Corporation from a “strong-buy” rating to a “buy” rating and set a $26.62 price objective for the company. in a research note on Thursday, March 30th. Vining Sparks raised shares of Bank of America Corporation to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Wednesday, April 19th. Nomura reissued a “buy” rating on shares of Bank of America Corporation in a research note on Wednesday, April 19th. Finally, Zacks Investment Research raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research note on Tuesday, March 21st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $23.03.

In other news, Director Thomas D. Woods acquired 25,000 shares of the business’s stock in a transaction that occurred on Thursday, April 27th. The shares were bought at an average cost of $23.81 per share, with a total value of $595,250.00. Following the transaction, the director now owns 40,830 shares of the company’s stock, valued at approximately $972,162.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Bank of America Corporation Company 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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