KG&L Capital Management LLC raised its stake in Bank of America Corp (NYSE:BAC) by 6.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 62,980 shares of the financial services provider’s stock after purchasing an additional 4,070 shares during the quarter. Bank of America accounts for about 1.7% of KG&L Capital Management LLC’s portfolio, making the stock its 12th largest position. KG&L Capital Management LLC’s holdings in Bank of America were worth $1,837,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of BAC. Howe & Rusling Inc. lifted its holdings in shares of Bank of America by 14.9% during the first quarter. Howe & Rusling Inc. now owns 314,745 shares of the financial services provider’s stock worth $8,684,000 after buying an additional 40,836 shares during the last quarter. SeaBridge Investment Advisors LLC lifted its holdings in shares of Bank of America by 1.2% during the first quarter. SeaBridge Investment Advisors LLC now owns 163,702 shares of the financial services provider’s stock worth $4,517,000 after buying an additional 1,985 shares during the last quarter. RDA Financial Network acquired a new position in shares of Bank of America during the first quarter worth approximately $451,000. Allen Capital Group LLC raised its stake in shares of Bank of America by 1.8% in the first quarter. Allen Capital Group LLC now owns 39,884 shares of the financial services provider’s stock valued at $1,100,000 after purchasing an additional 706 shares in the last quarter. Finally, Janney Capital Management LLC raised its stake in shares of Bank of America by 2.8% in the first quarter. Janney Capital Management LLC now owns 19,212 shares of the financial services provider’s stock valued at $530,000 after purchasing an additional 527 shares in the last quarter. 68.48% of the stock is currently owned by hedge funds and other institutional investors.
In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.17% of the company’s stock.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same quarter in the prior year, the business earned $0.63 earnings per share. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. Equities research analysts forecast that Bank of America Corp will post 2.82 earnings per share for the current fiscal year.
Bank of America declared that its board has authorized a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.49%. The ex-dividend date was Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio is 27.59%.
A number of research analysts recently commented on the company. Berenberg Bank set a $30.00 target price on Bank of America and gave the company a “hold” rating in a research note on Monday, June 17th. Morgan Stanley cut their target price on Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Raymond James lowered Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a research note on Wednesday, July 10th. Finally, BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a research note on Monday, June 17th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. Bank of America presently has an average rating of “Hold” and an average price target of $32.32.
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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