Greatmark Investment Partners Inc. lowered its stake in Bank of America Corporation (NYSE:BAC) by 0.8% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 286,078 shares of the financial services provider’s stock after selling 2,325 shares during the quarter. Bank of America Corporation makes up about 2.8% of Greatmark Investment Partners Inc.’s holdings, making the stock its 10th biggest position. Greatmark Investment Partners Inc.’s holdings in Bank of America Corporation were worth $6,940,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of BAC. Investec Asset Management LTD lifted its stake in Bank of America Corporation by 163.4% in the 1st quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock valued at $248,655,000 after buying an additional 6,538,908 shares in the last quarter. Karp Capital Management Corp purchased a new stake in Bank of America Corporation in the 1st quarter valued at approximately $91,522,000. APG Asset Management N.V. lifted its stake in Bank of America Corporation by 14.8% in the 2nd quarter. APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider’s stock valued at $729,124,000 after buying an additional 3,868,186 shares in the last quarter. Artisan Partners Limited Partnership lifted its stake in Bank of America Corporation by 56.2% in the 1st quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock valued at $246,799,000 after buying an additional 3,764,582 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. lifted its stake in Bank of America Corporation by 98.4% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 7,352,057 shares of the financial services provider’s stock valued at $173,435,000 after buying an additional 3,647,032 shares in the last quarter. 61.64% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Bank of America Corporation (NYSE BAC) opened at 25.93 on Wednesday. The firm has a market capitalization of $272.69 billion, a P/E ratio of 15.44 and a beta of 1.25. Bank of America Corporation has a 12-month low of $15.60 and a 12-month high of $26.30. The stock’s 50 day moving average price is $24.54 and its 200-day moving average price is $23.89.
Bank of America Corporation (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 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 business posted $0.41 EPS. On average, equities analysts expect that Bank of America Corporation will post $1.80 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.85%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.
Bank of America Corporation declared that its board has authorized a share repurchase plan on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction on 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 completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.18% of the company’s stock.
A number of equities research analysts recently issued reports on BAC shares. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. CIBC reaffirmed an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 11th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 4th. Vetr lowered Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 target price on the stock. in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research note on Friday, August 11th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $24.88.
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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