Bank of America Corp. (BAC) Shares Bought by Sandy Spring Bank
Sandy Spring Bank boosted its position in shares of Bank of America Corp. (NYSE:BAC) by 1.5% during the second quarter, Holdings Channel reports. The firm owned 80,916 shares of the financial services provider’s stock after buying an additional 1,185 shares during the period. Sandy Spring Bank’s holdings in Bank of America Corp. were worth $1,074,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Howard Capital Management boosted its stake in Bank of America Corp. by 51.9% in the first quarter. Howard Capital Management now owns 22,782 shares of the financial services provider’s stock worth $308,000 after buying an additional 7,782 shares during the last quarter. V Wealth Management LLC bought a new stake in Bank of America Corp. during the first quarter worth $1,053,000. Traynor Capital Management Inc. boosted its stake in Bank of America Corp. by 61.2% in the first quarter. Traynor Capital Management Inc. now owns 45,775 shares of the financial services provider’s stock worth $618,000 after buying an additional 17,372 shares during the last quarter. Sigma Planning Corp boosted its stake in Bank of America Corp. by 4.3% in the first quarter. Sigma Planning Corp now owns 128,438 shares of the financial services provider’s stock worth $1,736,000 after buying an additional 5,240 shares during the last quarter. Finally, BLB&B Advisors LLC boosted its stake in Bank of America Corp. by 42.1% in the first quarter. BLB&B Advisors LLC now owns 93,035 shares of the financial services provider’s stock worth $1,258,000 after buying an additional 27,556 shares during the last quarter. 60.68% of the stock is owned by hedge funds and other institutional investors.
Bank of America Corp. (NYSE:BAC) traded down 0.032% during trading on Friday, reaching $15.595. 23,286,750 shares of the company’s stock traded hands. Bank of America Corp. has a 12 month low of $10.99 and a 12 month high of $18.09. The firm has a 50 day moving average price of $15.47 and a 200-day moving average price of $14.31. The firm has a market cap of $164.00 billion, a PE ratio of 13.072 and a beta of 1.67.
Bank of America Corp. (NYSE:BAC) last announced its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.03. Bank of America Corp. had a return on equity of 6.23% and a net margin of 16.31%. The business had revenue of $20.60 million for the quarter, compared to analyst estimates of $20.41 billion. During the same quarter in the prior year, the company posted $0.45 EPS. The company’s quarterly revenue was down 7.2% on a year-over-year basis. On average, analysts forecast that Bank of America Corp. will post $1.26 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Wednesday, August 31st. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05. Bank of America Corp.’s dividend payout ratio is 24.59%.
A number of research firms have weighed in on BAC. Credit Agricole SA increased their price objective on Bank of America Corp. from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday. Goldman Sachs Group Inc. reissued a “buy” rating and issued a $19.00 price target (up from $17.00) on shares of Bank of America Corp. in a report on Friday, September 16th. Vetr raised Bank of America Corp. from a “hold” rating to a “buy” rating and set a $16.38 price target for the company in a report on Wednesday, September 14th. Societe Generale cut Bank of America Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, September 13th. Finally, S&P Equity Research reissued a “buy” rating and issued a $18.00 price target on shares of Bank of America Corp. in a report on Wednesday, August 31st. Nine investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $25.14.
In other Bank of America Corp. news, Director Thomas D. Woods purchased 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were acquired at an average price of $14.13 per share, with a total value of $353,250.00. Following the purchase, the director now directly owns 32,459 shares in the company, valued at approximately $458,645.67. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.18% of the stock is owned by insiders.
About Bank of America Corp.
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.
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