Fagan Associates Inc. Acquires 8,600 Shares of Bank of America Corporation (BAC)

Fagan Associates Inc. lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 229,079 shares of the financial services provider’s stock after acquiring an additional 8,600 shares during the period. Bank of America Corporation accounts for about 2.9% of Fagan Associates Inc.’s holdings, making the stock its 6th biggest position. Fagan Associates Inc.’s holdings in Bank of America Corporation were worth $5,557,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Zweig DiMenna Associates LLC grew its position in shares of Bank of America Corporation by 110.5% during the second quarter. Zweig DiMenna Associates LLC now owns 91,977 shares of the financial services provider’s stock worth $2,231,000 after acquiring an additional 48,282 shares during the last quarter. Intersect Capital LLC purchased a new position in shares of Bank of America Corporation during the second quarter worth approximately $205,000. Alliance Wealth Management Group grew its position in shares of Bank of America Corporation by 20.1% during the second quarter. Alliance Wealth Management Group now owns 11,380 shares of the financial services provider’s stock worth $275,000 after acquiring an additional 1,908 shares during the last quarter. RFG Advisory Group LLC purchased a new position in shares of Bank of America Corporation during the second quarter worth approximately $857,000. Finally, Point View Wealth Management Inc. grew its position in shares of Bank of America Corporation by 2.8% during the second quarter. Point View Wealth Management Inc. now owns 53,016 shares of the financial services provider’s stock worth $1,286,000 after acquiring an additional 1,442 shares during the last quarter. Institutional investors and hedge funds own 61.58% of the company’s stock.

Shares of Bank of America Corporation (BAC) opened at 27.39 on Wednesday. Bank of America Corporation has a 12-month low of $16.28 and a 12-month high of $27.98. The firm has a 50-day moving average price of $25.88 and a 200 day moving average price of $24.28. The stock has a market cap of $288.05 billion, a PE ratio of 15.68 and a beta of 1.25.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 EPS. Equities research analysts predict that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.75%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is currently 27.43%.

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In related news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the sale, the director now directly 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 SEC, which can be accessed through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

A number of brokerages have recently issued reports on BAC. BidaskClub upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. Robert W. Baird reiterated a “hold” rating and issued a $24.00 price objective on shares of Bank of America Corporation in a research report on Sunday, October 1st. Deutsche Bank AG reiterated a “hold” rating and issued a $25.00 price objective (up from $23.00) on shares of Bank of America Corporation in a research report on Tuesday, September 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a research report on Friday, August 11th. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $25.47.

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

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