Pinnacle Associates Ltd. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 546,192 shares of the financial services provider’s stock after selling 23,810 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Bank of America Corporation were worth $12,885,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. Armbruster Capital Management Inc. grew its holdings in shares of Bank of America Corporation by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares in the last quarter. Pinnacle Bank acquired a new stake in Bank of America Corporation during the first quarter valued at $122,000. Cohen Capital Management Inc. acquired a new stake in Bank of America Corporation during the first quarter valued at $145,000. Grisanti Capital Management LLC acquired a new stake in Bank of America Corporation during the first quarter valued at $153,000. Finally, Scout Investments Inc. acquired a new stake in Bank of America Corporation during the first quarter valued at $178,000. Institutional investors and hedge funds own 61.66% of the company’s stock.
In other news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.18% of the stock is owned by corporate insiders.
A number of brokerages have weighed in on BAC. Vetr raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price target for the company in a research report on Wednesday, August 30th. Instinet reaffirmed 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. Wells Fargo & Company started coverage on 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. Buckingham Research reissued a “buy” rating and set a $30.00 price objective (up previously from $27.00) on shares of Bank of America Corporation in a research report on Monday, July 10th. Finally, BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $24.41.
Shares of Bank of America Corporation (NYSE BAC) traded up 0.92% during midday trading on Wednesday, reaching $24.17. 55,241,258 shares of the company’s stock traded hands. The firm has a market cap of $254.18 billion, a PE ratio of 14.40 and a beta of 1.26. The stock has a 50-day moving average price of $24.00 and a 200 day moving average price of $23.81. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80.
Bank of America Corporation (NYSE:BAC) last announced its quarterly 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. The company had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. Bank of America Corporation’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 EPS. Equities research analysts predict that Bank of America Corporation will post $1.81 earnings per share for the current year.
Bank of America Corporation declared that its board has approved a stock buyback plan 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 reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
The company 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. 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 2.00%. Bank of America Corporation’s dividend payout ratio is currently 28.57%.
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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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