Spinnaker Trust Acquires 900 Shares of Bank of America Corporation $BAC

Spinnaker Trust raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 6.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,111 shares of the financial services provider’s stock after purchasing an additional 900 shares during the quarter. Spinnaker Trust’s holdings in Bank of America were worth $715,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Boston Common Asset Management LLC raised its stake in shares of Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after acquiring an additional 24,740 shares in the last quarter. Disciplined Investments LLC purchased a new position in Bank of America during the 2nd quarter worth $217,000. Nicholas Hoffman & Company LLC. increased its holdings in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the period. Sunbeam Capital Management LLC raised its position in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC purchased a new stake in shares of Bank of America in the 2nd quarter worth $287,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent research reports. The Goldman Sachs Group decreased their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday. TD Cowen raised their target price on shares of Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Argus upped their price target on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Finally, Daiwa Capital Markets upped their target price on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.45.

Bank of America Stock Performance

Shares of BAC stock opened at $52.98 on Friday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.44. The business’s fifty day simple moving average is $50.95 and its 200-day simple moving average is $46.84. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $392.40 billion, a PE ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.33.

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

Bank of America Dividend Announcement

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

Bank of America declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Bank of America Company 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.