First Interstate Bank increased its position in Bank of America Corporation (NYSE:BAC) by 41.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 30,096 shares of the financial services provider’s stock after purchasing an additional 8,813 shares during the quarter. First Interstate Bank’s holdings in Bank of America Corporation were worth $730,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America Corporation in the 2nd quarter valued at about $100,000. Armbruster Capital Management Inc. raised its holdings in shares of Bank of America Corporation by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 423 shares during the period. Chicago Partners Investment Group LLC raised its holdings in shares of Bank of America Corporation by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares during the period. Tarbox Family Office Inc. raised its holdings in shares of Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 21 shares during the period. Finally, Lenox Wealth Advisors Inc. bought a new stake in shares of Bank of America Corporation in the 2nd quarter valued at about $144,000. 61.58% of the stock is currently owned by institutional investors.
A number of brokerages recently commented on BAC. J P Morgan Chase & Co upped their price target on shares of Bank of America Corporation from $27.50 to $28.50 and gave the company an “overweight” rating in a research note on Wednesday. BidaskClub upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Robert W. Baird reiterated a “hold” rating and issued a $24.00 price target on shares of Bank of America Corporation in a research note on Sunday, October 1st. Deutsche Bank AG reiterated a “hold” rating and issued a $25.00 price target (up previously from $23.00) on shares of Bank of America Corporation in a research note on Tuesday, September 26th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price target 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, nine have given a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $25.57.
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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, beating the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same quarter in the prior year, the company earned $0.41 EPS. The firm’s revenue was up 2.1% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.75%. Bank of America Corporation’s dividend payout ratio (DPR) is 27.43%.
In other news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction 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 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is currently owned by corporate insiders.
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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