Ayalon Holdings Ltd. lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 8.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,054 shares of the financial services provider’s stock after selling 3,514 shares during the period. Ayalon Holdings Ltd.’s holdings in Bank of America were worth $1,143,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Ocean Capital Management LLC acquired a new position in Bank of America during the fourth quarter worth $219,000. Sanders Capital LLC lifted its stake in shares of Bank of America by 3.2% during the 4th quarter. Sanders Capital LLC now owns 18,621,007 shares of the financial services provider’s stock worth $506,236,000 after buying an additional 584,443 shares during the last quarter. Lee Danner & Bass Inc. lifted its stake in shares of Bank of America by 13.2% during the 4th quarter. Lee Danner & Bass Inc. now owns 37,251 shares of the financial services provider’s stock worth $918,000 after buying an additional 4,339 shares during the last quarter. Garner Asset Management Corp lifted its stake in shares of Bank of America by 2.9% during the 4th quarter. Garner Asset Management Corp now owns 40,807 shares of the financial services provider’s stock worth $1,006,000 after buying an additional 1,152 shares during the last quarter. Finally, Paragon Capital Management Ltd increased its position in Bank of America by 17.2% during the fourth quarter. Paragon Capital Management Ltd now owns 11,210 shares of the financial services provider’s stock worth $276,000 after acquiring an additional 1,649 shares during the period. 68.19% of the stock is owned by institutional investors.
A number of equities analysts recently commented on BAC shares. HSBC started coverage on shares of Bank of America in a research report on Thursday, April 4th. They set a “hold” rating and a $29.00 price target on the stock. BMO Capital Markets raised their price target on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 17th. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 13th. Jefferies Financial Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a report on Wednesday, April 17th. Finally, Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a report on Tuesday, March 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company’s stock. Bank of America currently has a consensus rating of “Hold” and a consensus price target of $32.75.
Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The business had revenue of $23 billion for the quarter, compared to the consensus estimate of $23.24 billion. During the same period last year, the company earned $0.62 EPS. The firm’s revenue was down .4% compared to the same quarter last year. On average, analysts forecast that Bank of America Corp will post 2.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a $0.15 dividend. The ex-dividend date was Thursday, June 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.04%. Bank of America’s dividend payout ratio (DPR) is currently 22.99%.
Bank of America announced that its board has authorized a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, insider Dean C. Athanasia sold 129,615 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total value of $3,859,934.70. Following the transaction, the insider now owns 243,617 shares in the company, valued at approximately $7,254,914.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is currently owned by insiders.
Bank of America Profile
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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