Alberta Investment Management Corp lifted its stake in shares of Bank of America Corp (NYSE:BAC) by 20.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,144,600 shares of the financial services provider’s stock after acquiring an additional 194,000 shares during the quarter. Alberta Investment Management Corp’s holdings in Bank of America were worth $33,193,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Altman Advisors Inc. lifted its position in shares of Bank of America by 1.9% in the 1st quarter. Altman Advisors Inc. now owns 72,898 shares of the financial services provider’s stock worth $2,011,000 after purchasing an additional 1,347 shares during the period. Eqis Capital Management Inc. lifted its position in shares of Bank of America by 15.5% in the 1st quarter. Eqis Capital Management Inc. now owns 125,363 shares of the financial services provider’s stock worth $3,459,000 after purchasing an additional 16,829 shares during the period. Madrona Financial Services LLC acquired a new position in shares of Bank of America in the 1st quarter worth approximately $200,000. Brookstone Capital Management lifted its position in shares of Bank of America by 18.1% in the 1st quarter. Brookstone Capital Management now owns 60,192 shares of the financial services provider’s stock worth $1,661,000 after purchasing an additional 9,233 shares during the period. Finally, Bowling Portfolio Management LLC lifted its position in shares of Bank of America by 7.8% in the 1st quarter. Bowling Portfolio Management LLC now owns 152,711 shares of the financial services provider’s stock worth $4,213,000 after purchasing an additional 11,044 shares during the period. Institutional investors own 68.48% of the company’s stock.
A number of research analysts have recently issued reports on BAC shares. BMO Capital Markets upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target on the stock in a research report on Monday, June 17th. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday. Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. Zacks Investment Research downgraded shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research report on Wednesday, July 10th. Finally, Berenberg Bank set a $30.00 target price on shares of Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. Two 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. Bank of America currently has a consensus rating of “Hold” and a consensus target price of $32.32.
NYSE BAC traded up $0.46 on Friday, reaching $28.91. 67,678,237 shares of the company’s stock traded hands, compared to its average volume of 56,632,736. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.17. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a 50-day simple moving average of $28.44 and a 200 day simple moving average of $28.72. The stock has a market cap of $259.61 billion, a PE ratio of 11.08, a P/E/G ratio of 1.10 and a beta of 1.60.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same period last year, the business earned $0.63 earnings per share. The business’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, analysts anticipate that Bank of America Corp will post 2.82 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.18 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
Bank of America declared that its Board of Directors has authorized a share buyback program on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are 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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