Capital Advisors Inc. OK decreased its stake in Bank of America Corp (NYSE:BAC) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,940 shares of the financial services provider’s stock after selling 1,042 shares during the quarter. Capital Advisors Inc. OK’s holdings in Bank of America were worth $1,323,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Lenox Wealth Advisors LLC grew its position in shares of Bank of America by 111.9% during the second quarter. Lenox Wealth Advisors LLC now owns 1,106 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 584 shares in the last quarter. Center for Financial Planning Inc. grew its position in shares of Bank of America by 122.7% during the first quarter. Center for Financial Planning Inc. now owns 1,361 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 750 shares in the last quarter. AlphaMark Advisors LLC grew its position in shares of Bank of America by 135.4% during the second quarter. AlphaMark Advisors LLC now owns 1,264 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 727 shares in the last quarter. Solstein Capital LLC purchased a new stake in shares of Bank of America during the first quarter worth about $59,000. Finally, Balentine LLC purchased a new stake in shares of Bank of America during the first quarter worth about $63,000. Institutional investors and hedge funds own 68.19% of the company’s stock.
In other Bank of America news, major shareholder Berkshire Hathaway Inc acquired 33,902,623 shares of the stock in a transaction dated Wednesday, July 22nd. The stock was purchased at an average price of $23.99 per share, with a total value of $813,323,925.77. Insiders bought a total of 85,092,006 shares of company stock valued at $2,070,253,228 in the last three months. Insiders own 0.20% of the company’s stock.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.09. The firm had revenue of $22.30 billion during the quarter, compared to analysts’ expectations of $21.71 billion. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The business’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 EPS. As a group, equities research analysts predict that Bank of America Corp will post 1.62 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.81%. Bank of America’s payout ratio is 24.49%.
Several analysts recently issued reports on BAC shares. Oppenheimer reiterated a “buy” rating on shares of Bank of America in a research report on Tuesday, September 8th. DA Davidson lowered Bank of America from a “buy” rating to a “neutral” rating and dropped their price target for the company from $27.00 to $25.00 in a research note on Thursday, July 9th. Deutsche Bank raised Bank of America from a “hold” rating to a “buy” rating and increased their price target for the company from $27.00 to $29.00 in a research note on Thursday, September 3rd. TheStreet raised Bank of America from a “c+” rating to a “b-” rating in a research note on Tuesday, August 25th. Finally, Morgan Stanley increased their price target on Bank of America from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, June 25th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $29.61.
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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