Tiemann Investment Advisors LLC Buys 52 Shares of Bank of America Corporation (BAC)
Tiemann Investment Advisors LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.3% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 19,903 shares of the financial services provider’s stock after buying an additional 52 shares during the period. Tiemann Investment Advisors LLC’s holdings in Bank of America Corporation were worth $470,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of BAC. Dodge & Cox bought a new stake in shares of Bank of America Corporation during the fourth quarter valued at $4,159,570,000. Norges Bank bought a new stake in shares of Bank of America Corporation during the fourth quarter valued at $2,256,221,000. UBS Asset Management Americas Inc. boosted its stake in shares of Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock valued at $933,718,000 after buying an additional 8,595,423 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of Bank of America Corporation by 87.2% in the fourth quarter. Westwood Holdings Group Inc. now owns 10,565,503 shares of the financial services provider’s stock valued at $233,498,000 after buying an additional 4,920,814 shares during the last quarter. Finally, Karp Capital Management Corp bought a new stake in shares of Bank of America Corporation during the first quarter valued at $91,522,000. 66.42% of the stock is owned by institutional investors.
Shares of Bank of America Corporation (NYSE:BAC) opened at 24.96 on Tuesday. Bank of America Corporation has a one year low of $14.10 and a one year high of $25.80. The company’s 50-day moving average price is $24.01 and its 200-day moving average price is $23.69. The company has a market capitalization of $262.49 billion, a price-to-earnings ratio of 14.87 and a beta of 1.27.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 EPS. On average, equities research analysts predict that Bank of America Corporation will post $1.82 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given 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 1.92%. Bank of America Corporation’s dividend payout ratio is 17.86%.
Bank of America Corporation declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
BAC has been the subject of several recent research reports. Vetr cut Bank of America Corporation from a “hold” rating to a “sell” rating and set a $23.52 price target for the company. in a research note on Tuesday, July 4th. Vining Sparks raised Bank of America Corporation to a “strong-buy” rating and set a $28.00 price target for the company in a research note on Wednesday, April 19th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a research note on Wednesday, May 3rd. Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price target on shares of Bank of America Corporation in a research note on Friday, May 5th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Bank of America Corporation in a research note on Saturday, April 22nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average 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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