Mackey Komara & Dankovich LLC Boosts Holdings in Bank of America Corp (NYSE:BAC)

Mackey Komara & Dankovich LLC boosted its holdings in shares of Bank of America Corp (NYSE:BAC) by 57.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,484 shares of the financial services provider’s stock after purchasing an additional 1,274 shares during the quarter. Mackey Komara & Dankovich LLC’s holdings in Bank of America were worth $65,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Squar Milner Financial Services LLC raised its position in Bank of America by 1.3% during the 1st quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock worth $737,000 after buying an additional 348 shares during the last quarter. Barber Financial Group Inc. grew its stake in shares of Bank of America by 2.1% during the 1st quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after purchasing an additional 360 shares during the period. Rowland & Co. Investment Counsel ADV grew its stake in shares of Bank of America by 9.7% during the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 360 shares during the period. Cahill Financial Advisors Inc. grew its stake in shares of Bank of America by 4.1% during the 4th quarter. Cahill Financial Advisors Inc. now owns 9,391 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 369 shares during the period. Finally, Carlton Hofferkamp & Jenks Wealth Management LLC grew its stake in shares of Bank of America by 0.7% during the 1st quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 52,556 shares of the financial services provider’s stock worth $1,450,000 after purchasing an additional 375 shares during the period. Hedge funds and other institutional investors own 68.24% of the company’s stock.

A number of brokerages have recently commented on BAC. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a research note on Monday, June 17th. Berenberg Bank cut shares of to a “hold” rating and dropped their price objective for the stock from GBX 283 ($3.70) to GBX 103 ($1.35) in a research note on Monday, June 17th. HSBC reissued a “hold” rating on shares of Societe Generale in a research note on Thursday, April 4th. ValuEngine raised shares of Worldline from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Finally, Jefferies Financial Group set a $158.00 target price on shares of HCA Healthcare and gave the stock a “buy” rating in a research note on Wednesday, April 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $33.02.

NYSE BAC traded down $0.09 during trading hours on Wednesday, reaching $30.80. 10,908,258 shares of the company’s stock were exchanged, compared to its average volume of 41,337,796. The company has a market cap of $292.57 billion, a PE ratio of 11.80, a PEG ratio of 1.21 and a beta of 1.53. Bank of America Corp has a one year low of $22.66 and a one year high of $31.91. The business’s fifty day simple moving average is $29.11. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The business had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. Bank of America’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.63 EPS. On average, equities analysts forecast that Bank of America Corp will post 2.83 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.34%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

Bank of America declared that its Board of Directors has approved a share buyback plan on Thursday, June 27th that permits the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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