AE Wealth Management LLC raised its holdings in shares of Bank of America Corp (NYSE:BAC) by 75.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,021 shares of the financial services provider’s stock after acquiring an additional 92,178 shares during the quarter. AE Wealth Management LLC’s holdings in Bank of America were worth $6,207,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the business. CNB Bank increased its position in shares of Bank of America by 188.4% during the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 620 shares during the period. Paragon Capital Management LLC bought a new stake in Bank of America in the first quarter valued at $33,000. Semmax Financial Advisors Inc. bought a new stake in Bank of America in the fourth quarter valued at $34,000. Camarda Financial Advisors LLC grew its holdings in shares of Bank of America by 167.2% during 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. Finally, Nalls Sherbakoff Group LLC bought a new stake in shares of Bank of America during the fourth quarter worth $48,000. 69.50% of the stock is currently owned by institutional investors.
BAC has been the topic of several research analyst reports. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and upped their price target for the company from $32.00 to $36.00 in a research note on Friday, July 26th. JPMorgan Chase & Co. cut their target price on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research note on Tuesday, July 9th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a report on Monday, June 17th. Finally, Berenberg Bank set a $30.00 price objective on Bank of America and gave the stock a “hold” rating in a report on Monday, June 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $32.89.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 analyst estimates of $23.13 billion. During the same quarter last year, the company posted $0.63 EPS. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, equities analysts expect that Bank of America Corp will post 2.83 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors 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 represents a $0.72 dividend on an annualized basis and a yield of 2.74%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is currently 22.99%.
Bank of America announced that its Board of Directors has authorized a share repurchase program on Thursday, June 27th that permits the company to buyback $30.90 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership 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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