Waldron Private Wealth LLC lowered its stake in Bank of America Corp (NYSE:BAC) by 36.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,284 shares of the financial services provider’s stock after selling 7,781 shares during the quarter. Waldron Private Wealth LLC’s holdings in Bank of America were worth $385,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. CNB Bank increased its holdings in Bank of America by 188.4% during the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 620 shares in the last quarter. Paragon Capital Management LLC bought a new position in Bank of America during the 1st quarter worth about $33,000. Camarda Financial Advisors LLC increased its holdings in Bank of America by 167.2% during the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,067 shares in the last quarter. Nalls Sherbakoff Group LLC bought a new position in Bank of America during the 4th quarter worth about $48,000. Finally, First Financial Corp IN increased its holdings in Bank of America by 77.9% during the 1st quarter. First Financial Corp IN now owns 2,283 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 1,000 shares in the last quarter. 69.50% of the stock is currently owned by institutional investors.
BAC has been the subject of a number of research reports. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a report on Wednesday, July 10th. JPMorgan Chase & Co. lowered their target price on Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a report on Tuesday, July 9th. Morgan Stanley set a $31.00 target price on Bank of America and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price for the company. in a report on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $32.89.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The company had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. Bank of America’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 EPS. On average, sell-side analysts forecast that Bank of America Corp will post 2.83 earnings per share for the current year.
Bank of America announced that its Board of Directors has initiated a stock buyback plan on Thursday, June 27th that permits the company to repurchase $30.90 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a $0.18 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.72%. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.
About Bank of America
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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