IMS Capital Management Has $875,000 Position in Bank of America Corporation (NYSE:BAC)

IMS Capital Management boosted its position in Bank of America Corporation (NYSE:BAC) by 43.9% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 37,083 shares of the financial services provider’s stock after buying an additional 11,306 shares during the period. IMS Capital Management’s holdings in Bank of America Corporation were worth $875,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the company. Capital Management Corp VA boosted its position in Bank of America Corporation by 0.3% in the first quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after buying an additional 33 shares during the last quarter. Welch Group LLC boosted its position in Bank of America Corporation by 0.4% in the first quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock valued at $237,000 after buying an additional 42 shares during the last quarter. WealthTrust Axiom LLC boosted its position in Bank of America Corporation by 0.3% in the first quarter. WealthTrust Axiom LLC now owns 23,366 shares of the financial services provider’s stock valued at $551,000 after buying an additional 70 shares during the last quarter. Horrell Capital Management Inc. raised its stake in shares of Bank of America Corporation by 0.3% in the first quarter. Horrell Capital Management Inc. now owns 37,950 shares of the financial services provider’s stock valued at $895,000 after buying an additional 100 shares during the period. Finally, McQueen Ball & Associates Inc. raised its stake in shares of Bank of America Corporation by 0.6% in the first quarter. McQueen Ball & Associates Inc. now owns 28,381 shares of the financial services provider’s stock valued at $670,000 after buying an additional 158 shares during the period. Institutional investors and hedge funds own 66.42% of the company’s stock.

Bank of America Corporation (NYSE:BAC) traded down 1.08% on Friday, reaching $23.86. The company’s stock had a trading volume of 68,119,506 shares. The stock’s 50 day moving average price is $24.22 and its 200 day moving average price is $23.78. Bank of America Corporation has a 52-week low of $14.70 and a 52-week high of $25.80. The firm has a market cap of $250.92 billion, a PE ratio of 14.21 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating 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 business had revenue of $22.80 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts expect that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

Bank of America Corporation declared that its Board of Directors has approved a stock buyback 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 purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.01%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. Bank of America Corporation’s payout ratio is presently 17.86%.

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Several brokerages have issued reports on BAC. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $26.00 target price on shares of Bank of America Corporation in a report on Thursday, July 20th. Vetr raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 target price on the stock in a report on Thursday, June 15th. Finally, Wells Fargo & Company initiated coverage on shares of Bank of America Corporation in a research report on Wednesday. They set an “outperform” rating and a $30.00 price target on the stock. One investment 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 assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $23.94.

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.

Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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