Columbia Asset Management maintained its stake in shares of Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,445 shares of the financial services provider’s stock at the end of the first quarter. Columbia Asset Management’s holdings in Bank of America Corporation were worth $1,449,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the stock. Capital Management Corp VA boosted its stake in shares of 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 worth $244,000 after buying an additional 33 shares during the period. Welch Group LLC boosted its stake in shares of 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 worth $237,000 after buying an additional 42 shares during the period. Tiemann Investment Advisors LLC boosted its stake in shares of Bank of America Corporation by 0.3% in the first quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock worth $470,000 after buying an additional 52 shares during the period. WealthTrust Axiom LLC boosted its stake in shares of 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 worth $551,000 after buying an additional 70 shares during the period. Finally, Arthur M. Cohen & Associates LLC boosted its stake in shares of Bank of America Corporation by 0.3% in the first quarter. Arthur M. Cohen & Associates LLC now owns 26,532 shares of the financial services provider’s stock worth $626,000 after buying an additional 88 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.
Shares of Bank of America Corporation (NYSE:BAC) traded down 0.08% on Friday, hitting $23.62. The stock had a trading volume of 60,461,197 shares. The company has a 50-day moving average of $24.34 and a 200-day moving average of $23.82. The company has a market cap of $248.40 billion, a P/E ratio of 14.07 and a beta of 1.27. Bank of America Corporation has a 52-week low of $14.70 and a 52-week high of $25.80.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter in the previous year, the firm posted $0.41 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is currently 17.86%.
Bank of America Corporation declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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Several brokerages recently issued reports on BAC. Vetr raised Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 target price on the stock in a research report on Friday, July 14th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. UBS AG restated a “neutral” rating and issued a $26.00 target price on shares of Bank of America Corporation in a research note on Friday, July 21st. Wells Fargo & Company began coverage on Bank of America Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price on the stock. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research note on Wednesday, June 7th. One investment 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 assigned a strong buy rating to the company. Bank of America Corporation presently has a consensus rating of “Buy” and a consensus price target of $23.94.
In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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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