Burns J W & Co. Inc. NY Grows Stake in Bank of America Corporation (BAC)
Burns J W & Co. Inc. NY raised its position in Bank of America Corporation (NYSE:BAC) by 6.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,299 shares of the financial services provider’s stock after purchasing an additional 2,251 shares during the quarter. Burns J W & Co. Inc. NY’s holdings in Bank of America Corporation were worth $929,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in BAC. Armbruster Capital Management Inc. raised its holdings in shares of Bank of America Corporation by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 423 shares during the period. Jacobi Capital Management LLC raised its holdings in shares of Bank of America Corporation by 21.0% in the 1st quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,101 shares during the period. Grisanti Capital Management LLC purchased a new position in shares of Bank of America Corporation in the 1st quarter worth about $153,000. New Capital Management LP purchased a new position in shares of Bank of America Corporation in the 1st quarter worth about $161,000. Finally, Scout Investments Inc. purchased a new position in shares of Bank of America Corporation in the 1st quarter worth about $178,000. Institutional investors own 61.66% of the company’s stock.
Several equities research analysts recently commented on BAC shares. Vetr upgraded Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 target price on the stock in a report on Wednesday, August 30th. Credit Suisse Group reiterated a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $26.00 target price on shares of Bank of America Corporation in a report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. Bank of America Corporation has a consensus rating of “Buy” and a consensus price target of $24.41.
Shares of Bank of America Corporation (BAC) traded up 0.58% during mid-day trading on Friday, reaching $24.38. The company’s stock had a trading volume of 85,937,551 shares. The company has a 50 day moving average of $24.00 and a 200-day moving average of $23.82. The firm has a market capitalization of $256.39 billion, a P/E ratio of 14.52 and a beta of 1.26. 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 released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the 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 analyst estimates of $21.84 billion. During the same period in the prior year, the company posted $0.41 EPS. The company’s revenue was up 7.1% compared to the same quarter last year. Equities research analysts forecast that Bank of America Corporation will post $1.81 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is currently 28.57%.
Bank of America Corporation announced that its board has approved a share buyback program 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 repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now directly owns 50,000 shares in the company, valued at approximately $1,208,000. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.18% of the company’s stock.
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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