Bank of America Corporation (NYSE:BAC) issued its quarterly earnings results on Friday. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02, RTT News reports. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the company posted $0.41 EPS.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were given a $0.12 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.89%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is presently 28.57%.
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Bank of America Corporation announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at approximately $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.18% of the company’s stock.
Several large investors have recently bought and sold shares of BAC. GRATRY & Co LLC bought a new stake in shares of Bank of America Corporation in the 2nd quarter valued at approximately $201,000. Altavista Wealth Management Inc. lifted its stake in shares of Bank of America Corporation by 0.7% in the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after purchasing an additional 68 shares during the last quarter. BB&T Investment Services Inc. bought a new stake in shares of Bank of America Corporation in the 2nd quarter valued at approximately $275,000. Clear Perspective Advisors LLC lifted its stake in shares of Bank of America Corporation by 378.2% in the 2nd quarter. Clear Perspective Advisors LLC now owns 11,380 shares of the financial services provider’s stock valued at $276,000 after purchasing an additional 9,000 shares during the last quarter. Finally, Logan Capital Management Inc. lifted its stake in shares of Bank of America Corporation by 18.5% in the 2nd quarter. Logan Capital Management Inc. now owns 17,338 shares of the financial services provider’s stock valued at $421,000 after purchasing an additional 2,706 shares during the last quarter. 61.64% of the stock is owned by institutional investors and hedge funds.
BAC has been the subject of a number of research analyst reports. Buckingham Research reiterated a “buy” rating and set a $30.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a research report on Monday, July 10th. Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Vetr upgraded Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price target for the company in a research report on Thursday, June 15th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $26.00 price target on shares of Bank of America Corporation in a research report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $24.88.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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