Park Avenue Securities LLC Invests $234,000 in Bank of America Corporation (BAC) Stock
Park Avenue Securities LLC purchased a new position in Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,734 shares of the financial services provider’s stock, valued at approximately $234,000.
A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Northwest Investment Counselors LLC bought a new stake in Bank of America Corporation in the second quarter worth $100,000. Armbruster Capital Management Inc. lifted 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 last quarter. Tarbox Family Office Inc. lifted its position in Bank of America Corporation by 0.4% in the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after buying an additional 21 shares during the last quarter. Lenox Wealth Advisors Inc. bought a new stake in Bank of America Corporation in the second quarter worth $144,000. Finally, Jacobi Capital Management LLC lifted its position in Bank of America Corporation by 21.0% in the first quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,101 shares during the last quarter. Institutional investors own 61.66% of the company’s stock.
BAC has been the subject of a number of analyst reports. Credit Suisse Group restated a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $27.00 price target on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Vetr downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.20 price target for the company. in a research report on Monday, June 12th. Deutsche Bank AG restated a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. Finally, BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Two equities 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 stock presently has an average rating of “Buy” and an average target price of $24.41.
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In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction dated 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 sale, the director now owns 50,000 shares in the company, valued at approximately $1,208,000. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.18% of the stock is owned by corporate insiders.
Shares of Bank of America Corporation (NYSE:BAC) opened at 24.24 on Friday. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80. The firm has a 50-day moving average price of $23.99 and a 200 day moving average price of $23.82. The firm has a market cap of $254.92 billion, a P/E ratio of 14.44 and a beta of 1.26.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter in the prior year, the business earned $0.41 EPS. Bank of America Corporation’s revenue was up 7.1% on a year-over-year basis. On average, analysts forecast that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.
Bank of America Corporation declared that its board has approved a share 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 reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.12 per share. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.98%. Bank of America Corporation’s dividend payout ratio is 28.57%.
Bank of America Corporation 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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