IMS Capital Management boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 43.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 quarter.
Other hedge funds also recently bought and sold shares of the company. Capital Management Corp VA boosted its position 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 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 worth $237,000 after buying an additional 42 shares during the last quarter. WealthTrust Axiom LLC boosted its position 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 valued at $551,000 after buying an additional 70 shares in the last quarter. Horrell Capital Management Inc. boosted its position 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 in the last quarter. Finally, McQueen Ball & Associates Inc. raised its stake in 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 last quarter. 65.99% of the stock is owned by institutional investors.
Bank of America Corporation (NYSE:BAC) traded down 0.08% during trading on Friday, hitting $23.62. The stock had a trading volume of 60,461,197 shares. Bank of America Corporation has a 12-month low of $14.70 and a 12-month high of $25.80. The company has a market cap of $248.40 billion, a P/E ratio of 14.07 and a beta of 1.27. The company has a 50 day moving average of $24.34 and a 200-day moving average of $23.82.
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, topping 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 during the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter in the prior year, the company posted $0.41 EPS. The firm’s revenue was up 7.1% on a year-over-year basis. On average, equities analysts predict that Bank of America Corporation will post $1.81 EPS for the current year.
Bank of America Corporation announced that its Board of Directors has approved a share buyback program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid 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 annualized dividend and a yield of 2.03%. Bank of America Corporation’s dividend payout ratio is presently 17.86%.
Several research firms recently commented on BAC. Vetr raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price objective on the stock in a research note on Thursday, June 15th. Instinet reiterated a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research note on Saturday, July 22nd. Barclays PLC reaffirmed an “equal weight” rating and set a $28.00 target price (up from $26.00) on shares of Bank of America Corporation in a report on Saturday, April 22nd. Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 target price for the company. Finally, Buckingham Research reissued a “buy” rating and issued a $30.00 price objective (up from $27.00) on shares of Bank of America Corporation in a research note on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $23.94.
In related news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction that occurred on 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 owns 50,000 shares in the company, valued at approximately $1,208,000. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by corporate insiders.
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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