Capital Management Corp VA raised its position in shares of Bank of America Corporation (NYSE:BAC) by 0.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Northwest Investment Counselors LLC acquired a new stake in Bank of America Corporation during the second quarter worth approximately $100,000. Armbruster Capital Management Inc. increased its stake in Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after buying an additional 423 shares in the last quarter. PHH Investments Ltd. acquired a new stake in Bank of America Corporation during the fourth quarter worth approximately $103,000. Integrated Investment Consultants LLC increased its stake in Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock worth $103,000 after buying an additional 500 shares in the last quarter. Finally, Tortoise Investment Management LLC increased its stake in Bank of America Corporation by 27.0% in the fourth quarter. Tortoise Investment Management LLC now owns 4,700 shares of the financial services provider’s stock worth $104,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 66.27% of the company’s stock.
Bank of America Corporation (NYSE BAC) traded down 0.7218% during mid-day trading on Thursday, reaching $24.4125. The company’s stock had a trading volume of 22,624,060 shares. Bank of America Corporation has a 12 month low of $14.10 and a 12 month high of $25.80. The firm has a market capitalization of $256.73 billion, a PE ratio of 14.4624 and a beta of 1.27. The stock’s 50-day moving average is $24.01 and its 200-day moving average is $23.69.
Bank of America Corporation (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same period in the previous year, the firm posted $0.41 earnings per share. Bank of America Corporation’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post $1.82 EPS for the current year.
Bank of America Corporation declared that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a $0.12 dividend. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s payout ratio is presently 17.86%.
ILLEGAL ACTIVITY NOTICE: “Bank of America Corporation (BAC) Shares Bought by Capital Management Corp VA” was published by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this piece of content on another domain, it was illegally stolen and reposted in violation of U.S. and international copyright laws. The original version of this piece of content can be viewed at https://stocknewstimes.com/2017/08/03/capital-management-corp-va-has-252000-stake-in-bank-of-america-corporation-bac-updated.html.
A number of research firms have commented on BAC. Nomura restated a “buy” rating on shares of Bank of America Corporation in a research report on Wednesday, April 19th. Vetr raised Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price objective for the company in a research note on Thursday, June 15th. Instinet reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Bank of America Corporation in a research note on Saturday, July 22nd. Barclays PLC reaffirmed an “equal weight” rating and issued a $28.00 price objective (up from $26.00) on shares of Bank of America Corporation in a research note on Saturday, April 22nd. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $21.00 price objective on shares of Bank of America Corporation in a research note on Tuesday, April 11th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $23.74.
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.
Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with MarketBeat.com's FREE daily email newsletter.
