Knuff & Co LLC reduced its position in shares of Bank of America Corp (NYSE:BAC) by 38.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,300 shares of the financial services provider’s stock after selling 1,425 shares during the period. Knuff & Co LLC’s holdings in Bank of America were worth $67,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. CNB Bank lifted its position in Bank of America by 188.4% in the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 620 shares during the last quarter. Paragon Capital Management LLC purchased a new stake in Bank of America in the first quarter valued at $33,000. Camarda Financial Advisors LLC lifted its position in Bank of America by 167.2% in the first quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 1,067 shares during the last quarter. First Financial Corp IN lifted its position in Bank of America by 77.9% in the first quarter. First Financial Corp IN now owns 2,283 shares of the financial services provider’s stock valued at $63,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Cascade Investment Advisors Inc. purchased a new stake in Bank of America in the first quarter valued at $63,000. 68.50% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America stock traded up $0.53 on Thursday, reaching $27.38. 32,886,837 shares of the stock were exchanged, compared to its average volume of 63,126,272. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $31.37. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The business has a fifty day moving average price of $28.60 and a two-hundred day moving average price of $28.77. The firm has a market capitalization of $250.91 billion, a PE ratio of 10.49, a PEG ratio of 1.05 and a beta of 1.54.
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, topping 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 analyst estimates of $23.13 billion. During the same period in the previous year, the business posted $0.63 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. Research analysts expect that Bank of America Corp will post 2.83 EPS for the current year.
Bank of America declared that its Board of Directors has initiated 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 purchase up to 11.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.63%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, September 5th. Bank of America’s payout ratio is 22.99%.
In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.17% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. Morgan Stanley set a $31.00 price target on shares of Bank of America and gave the company a “buy” rating in a research report on Friday, August 9th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a report on Wednesday, July 10th. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. reduced their target price on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a report on Tuesday, July 9th. Finally, Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the company a “buy” rating in a report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $32.75.
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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