Bank of Jackson Hole Trust Has $901,000 Stake in Bank of America Corporation $BAC

Bank of Jackson Hole Trust boosted its position in Bank of America Corporation (NYSE:BAC) by 5.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,043 shares of the financial services provider’s stock after buying an additional 990 shares during the period. Bank of Jackson Hole Trust’s holdings in Bank of America were worth $901,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Nova Wealth Management Inc. grew its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the period. RMG Wealth Management LLC bought a new stake in Bank of America in the 2nd quarter valued at about $28,000. CGC Financial Services LLC increased its position in Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares in the last quarter. Acima Private Wealth LLC bought a new stake in Bank of America in the 2nd quarter valued at about $33,000. Finally, Cloud Capital Management LLC bought a new stake in Bank of America in the 1st quarter valued at about $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Bank of America Trading Down 0.3%

Shares of BAC stock opened at $52.85 on Wednesday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.28. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a 50-day simple moving average of $50.77 and a two-hundred day simple moving average of $46.68. The company has a market capitalization of $391.42 billion, a price-to-earnings ratio of 14.40, a PEG ratio of 2.01 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the firm posted $0.81 EPS. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Oppenheimer boosted their target price on Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Evercore ISI upped their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Daiwa Capital Markets upped their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada upped their target price on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, October 1st. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $57.27.

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.