Massey Quick Simon & CO. LLC lifted its stake in Bank of America Corp (NYSE:BAC) by 0.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,803 shares of the financial services provider’s stock after purchasing an additional 693 shares during the period. Bank of America accounts for approximately 3.8% of Massey Quick Simon & CO. LLC’s holdings, making the stock its 8th largest position. Massey Quick Simon & CO. LLC’s holdings in Bank of America were worth $7,505,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of the company. CNB Bank lifted its stake in Bank of America by 188.4% in the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 620 shares during the last quarter. Paragon Capital Management LLC bought a new stake in Bank of America in the first quarter worth about $33,000. Camarda Financial Advisors LLC lifted its stake in Bank of America by 167.2% in the first 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 during the last quarter. Nalls Sherbakoff Group LLC bought a new stake in Bank of America in the fourth quarter worth about $48,000. Finally, First Financial Corp IN lifted its stake in Bank of America by 77.9% in the first 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 during the last quarter. Hedge funds and other institutional investors own 68.50% of the company’s stock.
Several analysts have issued reports on the stock. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Zacks Investment Research downgraded shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research note on Wednesday, July 10th. Atlantic Securities downgraded 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 research note on Tuesday, April 30th. JPMorgan Chase & Co. decreased their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. Finally, Morgan Stanley set a $31.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $32.75.
Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The business had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the company posted $0.63 earnings per share. On average, sell-side analysts anticipate that Bank of America Corp will post 2.83 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.68%. Bank of America’s dividend payout ratio (DPR) is 22.99%.
Bank of America declared that its Board of Directors has approved a share buyback program 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 repurchase up to 11.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
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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