Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in Bank of America Corp (NYSE:BAC) by 25.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,289 shares of the financial services provider’s stock after buying an additional 4,101 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in Bank of America were worth $554,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the business. Strategic Investment Advisors MI increased its position in shares of Bank of America by 8.7% during the first quarter. Strategic Investment Advisors MI now owns 10,135 shares of the financial services provider’s stock worth $280,000 after acquiring an additional 812 shares in the last quarter. First Republic Investment Management Inc. boosted its holdings in Bank of America by 9.9% during the first quarter. First Republic Investment Management Inc. now owns 3,371,660 shares of the financial services provider’s stock worth $93,024,000 after purchasing an additional 303,086 shares during the last quarter. Janney Capital Management LLC boosted its holdings in Bank of America by 2.8% during the first quarter. Janney Capital Management LLC now owns 19,212 shares of the financial services provider’s stock worth $530,000 after purchasing an additional 527 shares during the last quarter. Allen Capital Group LLC boosted its holdings in Bank of America by 1.8% during the first quarter. Allen Capital Group LLC now owns 39,884 shares of the financial services provider’s stock worth $1,100,000 after purchasing an additional 706 shares during the last quarter. Finally, RDA Financial Network purchased a new position in Bank of America during the first quarter worth about $451,000. Hedge funds and other institutional investors own 68.19% of the company’s stock.
NYSE:BAC traded up $0.21 on Friday, reaching $29.26. 33,026,010 shares of the stock traded hands, compared to its average volume of 45,108,572. The firm has a market capitalization of $278.21 billion, a P/E ratio of 11.21, a price-to-earnings-growth ratio of 1.14 and a beta of 1.53. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.91. The stock’s fifty day moving average is $28.15.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, June 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.05%. Bank of America’s dividend payout ratio is currently 22.99%.
Bank of America announced that its Board of Directors has initiated a share repurchase plan on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
BAC has been the topic of several research reports. Berenberg Bank set a $30.00 price target on shares of Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 13th. Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective for the company. in a report on Tuesday, April 30th. BMO Capital Markets upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a research note on Monday, June 17th. Finally, Oppenheimer increased their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 26th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $32.75.
In other Bank of America news, insider Dean C. Athanasia sold 129,615 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the sale, the insider now directly owns 243,617 shares in the company, valued at approximately $7,254,914.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.17% of the stock is currently owned by company 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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