Hilton Capital Management LLC bought a new position in Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 34,085 shares of the financial services provider’s stock, valued at approximately $804,000.
Several other institutional investors also recently modified their holdings of the company. Cambria Investment Management L.P. bought a new position in shares of Bank of America Corporation during the fourth quarter worth about $1,395,000. Falcon Edge Capital LP acquired a new stake in Bank of America Corporation during the fourth quarter worth $26,631,000. Tudor Investment Corp Et Al boosted its stake in Bank of America Corporation by 16.6% in the fourth quarter. Tudor Investment Corp Et Al now owns 367,056 shares of the financial services provider’s stock worth $8,112,000 after buying an additional 52,297 shares in the last quarter. Caxton Associates LP boosted its stake in Bank of America Corporation by 180.0% in the fourth quarter. Caxton Associates LP now owns 700,000 shares of the financial services provider’s stock worth $15,470,000 after buying an additional 450,000 shares in the last quarter. Finally, Sciencast Management LP purchased a new stake in Bank of America Corporation during the fourth quarter valued at approximately $529,000. 66.27% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America Corporation (NYSE:BAC) opened at 24.97 on Friday. Bank of America Corporation has a one year low of $14.10 and a one year high of $25.80. The firm’s 50-day moving average price is $24.01 and its 200-day moving average price is $23.69. The firm has a market capitalization of $262.60 billion, a P/E ratio of 14.87 and a beta of 1.27.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the company earned $0.41 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post $1.82 earnings per share for the current year.
Bank of America Corporation declared that its board has initiated a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.12 dividend. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.92%. Bank of America Corporation’s payout ratio is presently 17.86%.
Several research firms have recently commented on BAC. Vetr raised Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 target price for the company in a research note on Friday, July 14th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $30.00 price target (up from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday. UBS AG restated a “neutral” rating and issued a $26.00 price target on shares of Bank of America Corporation in a research report on Friday, July 21st. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $27.00 target price on shares of Bank of America Corporation in a report on Wednesday, June 7th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $23.74.
About Bank of America Corporation
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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