Atlas Brown Inc. lifted its stake in shares of Bank of America Co. (NYSE:BAC – Get Rating) by 9.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,312 shares of the financial services provider’s stock after acquiring an additional 3,321 shares during the period. Atlas Brown Inc.’s holdings in Bank of America were worth $1,162,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in BAC. Bromfield Sneider Wealth Advisors bought a new position in Bank of America in the first quarter valued at $26,000. Corbenic Partners LLC grew its position in Bank of America by 201.9% in the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 422 shares in the last quarter. Oliver Lagore Vanvalin Investment Group bought a new position in Bank of America in the first quarter valued at $26,000. Bivin & Associates Inc. bought a new position in Bank of America in the fourth quarter valued at $28,000. Finally, Capital Management Associates NY bought a new position in Bank of America in the first quarter valued at $31,000. Institutional investors own 68.48% of the company’s stock.
Wall Street Analysts Forecast Growth
BAC has been the subject of a number of analyst reports. Credit Suisse Group decreased their target price on shares of Bank of America from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Bank of America from $51.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, September 12th. Wells Fargo & Company cut their price target on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, July 1st. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price target for the company in a research note on Monday, July 11th. Finally, Citigroup cut their price target on shares of Bank of America from $47.00 to $40.00 in a research note on Tuesday, July 12th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.58.
Bank of America Stock Performance
Bank of America (NYSE:BAC – Get Rating) last released its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The business had revenue of $22.69 billion for the quarter, compared to the consensus estimate of $22.79 billion. During the same period in the prior year, the business posted $1.03 earnings per share. Bank of America’s revenue was up 5.7% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.2 earnings per share for the current fiscal year.
Bank of America Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be issued a $0.22 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend is Thursday, September 1st. Bank of America’s dividend payout ratio (DPR) is currently 27.50%.
About Bank of America
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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