Gemmer Asset Management LLC Purchases 2,311 Shares of Bank of America Corporation $BAC

Gemmer Asset Management LLC boosted its position in Bank of America Corporation (NYSE:BAC) by 18.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,944 shares of the financial services provider’s stock after purchasing an additional 2,311 shares during the period. Gemmer Asset Management LLC’s holdings in Bank of America were worth $707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Nicholas Hoffman & Company LLC. raised its stake in shares of Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after acquiring an additional 33,963 shares in the last quarter. Prosperity Wealth Management Inc. bought a new stake in shares of Bank of America during the first quarter valued at approximately $998,000. Alpha Cubed Investments LLC raised its stake in shares of Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after acquiring an additional 17,619 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Bank of America by 170.5% during the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock valued at $9,951,000 after acquiring an additional 150,299 shares in the last quarter. Finally, Commerce Bank raised its stake in shares of Bank of America by 2.3% during the first quarter. Commerce Bank now owns 1,124,755 shares of the financial services provider’s stock valued at $46,936,000 after acquiring an additional 25,618 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $50.63 on Friday. The firm’s fifty day simple moving average is $49.37 and its two-hundred day simple moving average is $45.28. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The firm has a market capitalization of $374.98 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the company earned $0.83 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. Analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has initiated a stock buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s dividend payout ratio is presently 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BAC. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a research note on Saturday, September 27th. Evercore ISI boosted their price objective on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, TD Cowen boosted their price objective on shares of Bank of America from $54.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday. Nineteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.