FSI Group LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 0.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 237,000 shares of the financial services provider’s stock after buying an additional 565 shares during the period. Bank of America Corporation comprises approximately 2.8% of FSI Group LLC’s portfolio, making the stock its 7th largest position. FSI Group LLC’s holdings in Bank of America Corporation were worth $5,591,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of BAC. Private Wealth Advisors Inc. increased its stake in shares of Bank of America Corporation by 24.4% in the first quarter. Private Wealth Advisors Inc. now owns 34,188 shares of the financial services provider’s stock valued at $806,000 after buying an additional 6,705 shares in the last quarter. Crawford Investment Counsel Inc. increased its stake in shares of Bank of America Corporation by 4.2% in the first quarter. Crawford Investment Counsel Inc. now owns 14,797 shares of the financial services provider’s stock valued at $349,000 after buying an additional 597 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Bank of America Corporation by 15.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,366,657 shares of the financial services provider’s stock valued at $79,419,000 after buying an additional 448,230 shares in the last quarter. LS Investment Advisors LLC increased its stake in shares of Bank of America Corporation by 174.3% in the first quarter. LS Investment Advisors LLC now owns 859,103 shares of the financial services provider’s stock valued at $20,266,000 after buying an additional 545,956 shares in the last quarter. Finally, MUFG Americas Holdings Corp increased its stake in shares of Bank of America Corporation by 7.4% in the first quarter. MUFG Americas Holdings Corp now owns 79,104 shares of the financial services provider’s stock valued at $1,866,000 after buying an additional 5,424 shares in the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.
Bank of America Corporation (BAC) traded up 0.021% on Friday, reaching $23.645. The company had a trading volume of 52,361,456 shares. Bank of America Corporation has a 12 month low of $14.70 and a 12 month high of $25.80. The company’s 50 day moving average price is $24.36 and its 200-day moving average price is $23.81. The company has a market capitalization of $248.66 billion, a price-to-earnings ratio of 14.083 and a beta of 1.27.
Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the 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 prior 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 predict that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 30th. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 2.03%. Bank of America Corporation’s dividend payout ratio is 17.86%.
Bank of America Corporation declared that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in outstanding shares. This buyback authorization authorizes 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 management believes its shares are undervalued.
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Several analysts have recently weighed in on the stock. Jefferies Group LLC restated a “buy” rating and set a $28.00 price objective on shares of Bank of America Corporation in a research report on Friday, August 11th. Wells Fargo & Company started coverage on shares of Bank of America Corporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price target for the company. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Instinet reiterated a “buy” rating and issued a $27.00 price target on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $30.00 price target (up previously from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. Bank of America Corporation currently has an average rating of “Buy” and a consensus target price of $23.94.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now owns 50,000 shares in the company, valued at approximately $1,208,000. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company 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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