Appleton Partners Inc. MA Has $7.76 Million Stake in Bank of America Corporation (BAC)
Appleton Partners Inc. MA lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 14.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 319,899 shares of the financial services provider’s stock after purchasing an additional 39,700 shares during the quarter. Bank of America Corporation accounts for approximately 1.3% of Appleton Partners Inc. MA’s portfolio, making the stock its 15th largest holding. Appleton Partners Inc. MA’s holdings in Bank of America Corporation were worth $7,761,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Armbruster Capital Management Inc. lifted its position in shares of Bank of America Corporation by 10.8% during the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares in the last quarter. Lenox Wealth Advisors Inc. purchased a new position in shares of Bank of America Corporation during the 2nd quarter valued at approximately $144,000. Jacobi Capital Management LLC lifted its position in shares of Bank of America Corporation by 21.0% during the 1st quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock valued at $147,000 after buying an additional 1,101 shares in the last quarter. Grisanti Capital Management LLC purchased a new position in shares of Bank of America Corporation during the 1st quarter valued at approximately $153,000. Finally, New Capital Management LP purchased a new position in shares of Bank of America Corporation during the 1st quarter valued at approximately $161,000. 61.63% of the stock is currently owned by institutional investors and hedge funds.
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 completion of the sale, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company’s stock.
A number of research analysts have recently issued reports on BAC shares. Credit Suisse Group reiterated a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $27.00 target price on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Vetr lowered Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.20 target price on the stock. in a research report on Monday, June 12th. Deutsche Bank AG reiterated 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. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $24.41.
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Bank of America Corporation (BAC) traded down 0.56% during trading on Friday, reaching $25.02. The company’s stock had a trading volume of 61,445,964 shares. The company’s 50-day moving average is $24.04 and its 200-day moving average is $23.79. Bank of America Corporation has a 1-year low of $14.81 and a 1-year high of $25.80. The company has a market capitalization of $263.12 billion, a P/E ratio of 14.90 and a beta of 1.26.
Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to analyst estimates 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 revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 earnings per share. Equities analysts anticipate that Bank of America Corporation will post $1.81 EPS for the current year.
Bank of America Corporation announced that its board has initiated 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 30th. 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 yield of 1.92%. Bank of America Corporation’s dividend payout ratio is currently 28.57%.
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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