Welch & Forbes LLC Boosts Holdings in Bank of America Corp (NYSE:BAC)

Welch & Forbes LLC increased its holdings in Bank of America Corp (NYSE:BAC) by 2.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 830,485 shares of the financial services provider’s stock after buying an additional 21,896 shares during the quarter. Welch & Forbes LLC’s holdings in Bank of America were worth $24,084,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Matthew Goff Investment Advisor LLC lifted its holdings in Bank of America by 3.3% during the fourth quarter. Matthew Goff Investment Advisor LLC now owns 198,107 shares of the financial services provider’s stock valued at $4,881,000 after purchasing an additional 6,393 shares in the last quarter. Sound View Wealth Advisors LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $1,114,000. Clal Insurance Enterprises Holdings Ltd raised its position in shares of Bank of America by 51.4% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,968,809 shares of the financial services provider’s stock valued at $48,511,000 after buying an additional 668,809 shares during the last quarter. Godshalk Welsh Capital Management Inc. raised its position in shares of Bank of America by 2.4% during the fourth quarter. Godshalk Welsh Capital Management Inc. now owns 50,875 shares of the financial services provider’s stock valued at $1,254,000 after buying an additional 1,200 shares during the last quarter. Finally, M Holdings Securities Inc. raised its position in shares of Bank of America by 22.0% during the first quarter. M Holdings Securities Inc. now owns 113,968 shares of the financial services provider’s stock valued at $3,144,000 after buying an additional 20,587 shares during the last quarter. 68.24% of the stock is currently owned by institutional investors.

BAC traded down $0.05 during trading hours on Wednesday, hitting $30.84. The company’s stock had a trading volume of 1,115,590 shares, compared to its average volume of 41,337,796. The firm has a 50-day moving average of $29.11. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.91. The firm has a market cap of $292.57 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.53. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.70 by $0.04. The company had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. Bank of America’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 earnings per share. As a group, equities analysts predict that Bank of America Corp will post 2.83 earnings per share for the current 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 paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.33%. 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 payout ratio is presently 22.99%.

Bank of America declared that its board has approved a stock repurchase program on Thursday, June 27th that permits the company to buyback $30.90 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

BAC has been the topic of several recent analyst reports. Berenberg Bank cut shares of to a “hold” rating and reduced their price objective for the company from GBX 283 ($3.70) to GBX 103 ($1.35) in a research report on Monday, June 17th. JPMorgan Chase & Co. initiated coverage on shares of Pinduoduo in a research report on Tuesday, July 9th. They set an “underweight” rating and a $20.48 price objective on the stock. Zacks Investment Research cut shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday, July 10th. HSBC reiterated a “hold” rating on shares of Societe Generale in a research report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods set a $16.00 price objective on shares of Brookline Bancorp and gave the company a “hold” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. Bank of America presently has a consensus rating of “Hold” and an average price target of $33.02.

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

See Also: Earnings Reports

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

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