Rampart Investment Management Company LLC Increases Position in Bank of America Corp (NYSE:BAC)

Rampart Investment Management Company LLC raised its position in Bank of America Corp (NYSE:BAC) by 19.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 163,790 shares of the financial services provider’s stock after purchasing an additional 27,225 shares during the quarter. Rampart Investment Management Company LLC’s holdings in Bank of America were worth $4,750,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of BAC. CNB Bank boosted its holdings in Bank of America by 188.4% in the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 620 shares during the last quarter. Camarda Financial Advisors LLC boosted its holdings in Bank of America by 167.2% in the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,067 shares during the last quarter. Mackey Komara & Dankovich LLC boosted its holdings in Bank of America by 57.6% in the 2nd quarter. Mackey Komara & Dankovich LLC now owns 3,484 shares of the financial services provider’s stock valued at $65,000 after purchasing an additional 1,274 shares during the last quarter. Personal Wealth Partners acquired a new position in Bank of America in the 2nd quarter valued at about $68,000. Finally, CX Institutional boosted its holdings in Bank of America by 135.8% in the 2nd quarter. CX Institutional now owns 2,391 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 1,377 shares during the last quarter. Institutional investors own 68.48% of the company’s stock.

In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.17% of the company’s stock.

BAC has been the topic of several recent analyst reports. Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the company a “buy” rating in a report on Friday, August 16th. Berenberg Bank set a $30.00 target price on shares of Bank of America and gave the company a “hold” rating in a report on Monday, June 17th. Raymond James lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a report on Wednesday, July 10th. Finally, DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the company. Bank of America presently has an average rating of “Hold” and an average price target of $32.29.

Shares of BAC stock traded down $0.10 during trading hours on Monday, hitting $30.08. The company had a trading volume of 31,352,852 shares, compared to its average volume of 52,858,984. The company’s fifty day moving average is $28.15 and its 200 day moving average is $28.70. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.37. The stock has a market capitalization of $276.18 billion, a PE ratio of 11.52, a price-to-earnings-growth ratio of 1.17 and a beta of 1.57.

Bank of America (NYSE:BAC) last issued 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. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. During the same period in the prior year, the business posted $0.63 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts forecast that Bank of America Corp will post 2.82 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a stock repurchase program on Thursday, June 27th that allows the company to buyback $30.90 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a $0.18 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend is Thursday, September 5th. Bank of America’s dividend payout ratio is currently 27.59%.

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.

Recommended Story: What is Net Asset Value (NAV)?

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.