HighVista Strategies LLC Invests $3.55 Million in Bank of America Corporation (BAC)
HighVista Strategies LLC purchased a new position in Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 150,300 shares of the financial services provider’s stock, valued at approximately $3,546,000.
Several other institutional investors also recently added to or reduced their stakes in the company. Armbruster Capital Management Inc. boosted its position in Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after buying an additional 423 shares during the period. Integrated Investment Consultants LLC boosted its position in Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock worth $103,000 after buying an additional 500 shares during the period. Gradient Investments LLC boosted its position in Bank of America Corporation by 18.2% in the first quarter. Gradient Investments LLC now owns 4,542 shares of the financial services provider’s stock worth $107,000 after buying an additional 700 shares during the period. Pinnacle Bank bought a new position in Bank of America Corporation during the first quarter worth $122,000. Finally, Adirondack Trust Co. boosted its position in Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock worth $140,000 after buying an additional 519 shares during the period. 66.42% of the stock is owned by institutional investors.
Shares of Bank of America Corporation (NYSE:BAC) traded down 1.3569% during trading on Thursday, reaching $24.4043. The company had a trading volume of 20,359,262 shares. The company has a market cap of $256.65 billion, a P/E ratio of 14.5350 and a beta of 1.27. Bank of America Corporation has a 12-month low of $14.70 and a 12-month high of $25.80. The firm has a 50-day moving average of $24.20 and a 200-day moving average of $23.77.
Bank of America Corporation (NYSE:BAC) last posted its earnings results 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 company had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter in the previous year, the company posted $0.41 earnings per share. Bank of America Corporation’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Corporation will post $1.82 EPS for the current 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 issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.94%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is currently 17.86%.
Bank of America Corporation announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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BAC has been the subject of a number of recent analyst reports. Nomura reaffirmed a “buy” rating on shares of Bank of America Corporation in a research report on Wednesday, April 19th. Vetr raised Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price objective for the company in a research report on Thursday, June 15th. Instinet reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Barclays PLC reaffirmed an “equal weight” rating and issued a $28.00 price objective (up previously from $26.00) on shares of Bank of America Corporation in a research report on Saturday, April 22nd. Finally, Wells Fargo & Company initiated coverage on Bank of America Corporation in a research report on Wednesday. They issued an “outperform” rating and a $30.00 price objective for the company. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $23.94.
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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