Alpha Cubed Investments LLC raised its holdings in shares of Bank of America Corp (NYSE:BAC) by 34.5% 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 455,897 shares of the financial services provider’s stock after acquiring an additional 116,995 shares during the quarter. Bank of America makes up 1.5% of Alpha Cubed Investments LLC’s investment portfolio, making the stock its 26th largest holding. Alpha Cubed Investments LLC’s holdings in Bank of America were worth $13,221,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. CNB Bank grew its holdings 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 worth $26,000 after purchasing an additional 620 shares during the last quarter. Paragon Capital Management LLC bought a new stake in shares of Bank of America during the first quarter worth $33,000. Semmax Financial Advisors Inc. bought a new stake in shares of Bank of America during the fourth quarter worth $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. Institutional investors and hedge funds own 69.50% of the company’s stock.
Several equities analysts have weighed in on BAC shares. 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. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. 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. Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a report on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and raised their price target for the company from $32.00 to $36.00 in a research note on Friday, July 26th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company. The stock 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. The company had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.63 EPS. As a group, research analysts forecast that Bank of America Corp will post 2.83 EPS for the current fiscal 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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