Capital Management Corp VA increased its stake in Bank of America Corporation (NYSE:BAC) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,385 shares of the financial services provider’s stock after buying an additional 33 shares during the period. Capital Management Corp VA’s holdings in Bank of America Corporation were worth $252,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of BAC. Dodge & Cox bought a new stake in shares of Bank of America Corporation during the fourth quarter valued at $4,159,570,000. Norges Bank acquired a new position in shares of Bank of America Corporation during the fourth quarter worth approximately $2,256,221,000. Boston Partners increased its position in shares of Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock worth $1,778,802,000 after buying an additional 368,898 shares in the last quarter. Legal & General Group Plc increased its position in shares of Bank of America Corporation by 0.8% in the first quarter. Legal & General Group Plc now owns 49,789,644 shares of the financial services provider’s stock worth $1,174,642,000 after buying an additional 380,726 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in shares of Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock worth $933,718,000 after buying an additional 8,595,423 shares in the last quarter. 65.75% of the stock is owned by institutional investors.
Bank of America Corporation (NYSE:BAC) opened at 23.80 on Monday. Bank of America Corporation has a 12-month low of $14.09 and a 12-month high of $25.80. The company has a market capitalization of $250.29 billion, a price-to-earnings ratio of 14.10 and a beta of 1.27. The firm’s 50-day moving average price is $23.71 and its 200 day moving average price is $23.61.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the 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 firm had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same period in the previous year, the firm posted $0.41 EPS. The company’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 $1.81 EPS for the current fiscal year.
Bank of America Corporation announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 2nd were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, May 31st. This represents a $0.30 annualized dividend and a yield of 1.26%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.
BAC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a report on Thursday, April 6th. Vetr downgraded Bank of America Corporation from a “strong-buy” rating to a “buy” rating and set a $26.62 price target for the company. in a report on Thursday, March 30th. Vining Sparks raised Bank of America Corporation to a “strong-buy” rating and set a $28.00 price target for the company in a report on Wednesday, April 19th. Nomura reissued a “buy” rating on shares of Bank of America Corporation in a report on Wednesday, April 19th. Finally, Credit Suisse Group reissued a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the stock. Bank of America Corporation has an average rating of “Buy” and a consensus price target of $23.74.
In other Bank of America Corporation news, Director Thomas D. Woods purchased 25,000 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were purchased at an average cost of $23.81 per share, with a total value of $595,250.00. Following the transaction, the director now directly 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 SEC, which is accessible through the SEC website. 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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