Country Club Trust Company n.a. increased its stake in shares of Bank of America Corp (NYSE:BAC) by 15.8% in the second quarter, HoldingsChannel reports. The firm owned 23,414 shares of the financial services provider’s stock after buying an additional 3,202 shares during the quarter. Country Club Trust Company n.a.’s holdings in Bank of America were worth $660,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of BAC. Alphinity Investment Management Pty Ltd bought a new stake in Bank of America during the fourth quarter worth $8,284,000. MML Investors Services LLC lifted its stake in Bank of America by 3.9% during the fourth quarter. MML Investors Services LLC now owns 359,735 shares of the financial services provider’s stock worth $10,619,000 after purchasing an additional 13,669 shares during the last quarter. Annex Advisory Services LLC lifted its stake in Bank of America by 9.9% during the fourth quarter. Annex Advisory Services LLC now owns 52,153 shares of the financial services provider’s stock worth $1,540,000 after purchasing an additional 4,696 shares during the last quarter. ETRADE Capital Management LLC lifted its stake in Bank of America by 25.4% during the fourth quarter. ETRADE Capital Management LLC now owns 133,688 shares of the financial services provider’s stock worth $3,947,000 after purchasing an additional 27,072 shares during the last quarter. Finally, Truewealth LLC bought a new stake in Bank of America during the fourth quarter worth $947,000. Hedge funds and other institutional investors own 66.88% of the company’s stock.
Separately, Citigroup upped their target price on Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 24th. Nine research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $32.37.
Shares of BAC opened at $30.72 on Friday. Bank of America Corp has a 52 week low of $22.75 and a 52 week high of $33.05. The firm has a market capitalization of $319.50 billion, a PE ratio of 16.79, a PEG ratio of 1.54 and a beta of 1.29. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.91 and a quick ratio of 0.90.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The company had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. During the same period in the prior year, the company earned $0.46 EPS. Bank of America’s revenue was down .9% compared to the same quarter last year. analysts expect that Bank of America Corp will post 2.53 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.95%. This is a boost from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio is presently 26.23%.
Bank of America announced that its board has authorized a share buyback plan on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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