Riggs Asset Managment Co. Inc. boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 0.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 341,287 shares of the financial services provider’s stock after buying an additional 20 shares during the period. Bank of America Corporation comprises 3.7% of Riggs Asset Managment Co. Inc.’s investment portfolio, making the stock its 7th largest position. Riggs Asset Managment Co. Inc.’s holdings in Bank of America Corporation were worth $8,280,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new stake in Bank of America Corporation during the second quarter worth about $100,000. Armbruster Capital Management Inc. increased its stake 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 in the last quarter. PHH Investments Ltd. bought a new stake in Bank of America Corporation during the fourth quarter worth about $103,000. Integrated Investment Consultants LLC increased its stake 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 in the last quarter. Finally, Tortoise Investment Management LLC increased its stake in Bank of America Corporation by 27.0% in the fourth quarter. Tortoise Investment Management LLC now owns 4,700 shares of the financial services provider’s stock worth $104,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 66.42% of the company’s stock.
Shares of Bank of America Corporation (NYSE BAC) opened at 23.86 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 of $24.25 and a 200-day moving average of $23.78. The stock 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 posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 EPS. On average, 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 initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given 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 dividend on an annualized basis and a yield of 2.01%. Bank of America Corporation’s dividend payout ratio (DPR) is 17.86%.
A number of analysts have recently issued reports on the stock. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Buckingham Research reaffirmed a “buy” rating and set a $30.00 price objective (up from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. CIBC reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. Bank of America Corporation presently has a consensus rating of “Buy” and an average price target of $23.94.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.18% of the company’s stock.
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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