May Hill Capital LLC Increases Stake in Bank of America Corporation $BAC

May Hill Capital LLC grew its position in Bank of America Corporation (NYSE:BAC) by 4.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 8,297 shares of the financial services provider’s stock after purchasing an additional 323 shares during the period. May Hill Capital LLC’s holdings in Bank of America were worth $393,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Brighton Jones LLC raised its stake in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Golden State Wealth Management LLC raised its stake in shares of Bank of America by 7.8% in the first quarter. Golden State Wealth Management LLC now owns 24,276 shares of the financial services provider’s stock valued at $1,013,000 after acquiring an additional 1,765 shares during the period. Sovran Advisors LLC raised its stake in shares of Bank of America by 37.4% in the first quarter. Sovran Advisors LLC now owns 8,153 shares of the financial services provider’s stock valued at $340,000 after acquiring an additional 2,218 shares during the period. Hills Bank & Trust Co raised its stake in shares of Bank of America by 7.3% in the first quarter. Hills Bank & Trust Co now owns 8,131 shares of the financial services provider’s stock valued at $339,000 after acquiring an additional 550 shares during the period. Finally, Shilanski & Associates Inc. increased its stake in Bank of America by 6.9% in the 1st quarter. Shilanski & Associates Inc. now owns 119,999 shares of the financial services provider’s stock worth $5,008,000 after buying an additional 7,772 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.8%

NYSE BAC opened at $52.98 on Tuesday. 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 market capitalization of $392.43 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. The company’s 50-day simple moving average is $50.68 and its two-hundred day simple moving average is $46.56. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.07.

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

Bank of America declared that its Board of Directors has initiated a share repurchase 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 reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

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

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on BAC shares. Phillip Securities raised their price target on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Royal Bank Of Canada raised their price target on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Wolfe Research raised their price target on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Finally, Daiwa Capital Markets raised their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Twenty-three 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.32.

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.