Welch & Forbes LLC Has $25.06 Million Stake in Bank of America Corp (NYSE:BAC)

Welch & Forbes LLC grew its position in Bank of America Corp (NYSE:BAC) by 3.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 859,205 shares of the financial services provider’s stock after purchasing an additional 28,720 shares during the quarter. Welch & Forbes LLC’s holdings in Bank of America were worth $25,063,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BAC. Rowland & Co. Investment Counsel ADV lifted its stake in Bank of America by 9.7% during the second 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 last quarter. Holderness Investments Co. lifted its stake in Bank of America by 0.6% during the second quarter. Holderness Investments Co. now owns 64,230 shares of the financial services provider’s stock worth $1,863,000 after purchasing an additional 360 shares during the last quarter. Kistler Tiffany Companies LLC lifted its stake in Bank of America by 2.4% during the second quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock worth $456,000 after purchasing an additional 365 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its stake in Bank of America by 2.0% during the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 19,058 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 368 shares during the last quarter. Finally, Buckley Wealth Management LLC lifted its stake in Bank of America by 0.7% during the second quarter. Buckley Wealth Management LLC now owns 57,063 shares of the financial services provider’s stock worth $1,655,000 after purchasing an additional 375 shares during the last quarter. 68.48% of the stock is currently owned by institutional investors.

Several equities research analysts have weighed in on BAC shares. Raymond James cut Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a research note on Monday, June 17th. Wells Fargo & Co set a $34.00 target price on Bank of America and gave the stock a “buy” rating in a research note on Friday, August 16th. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Finally, Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a research note on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $32.32.

In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Shares of BAC traded up $0.72 during trading hours on Friday, reaching $29.17. The stock had a trading volume of 3,778,380 shares, compared to its average volume of 57,443,616. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.17. The stock has a market capitalization of $271.38 billion, a PE ratio of 11.17, a PEG ratio of 1.13 and a beta of 1.60. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The company’s 50-day moving average is $28.40 and its two-hundred day moving average is $28.71.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. During the same period in the prior year, the company earned $0.63 EPS. Bank of America’s revenue was up 2.7% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corp will post 2.82 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, September 5th. Bank of America’s dividend payout ratio is presently 27.59%.

Bank of America announced that its board has authorized a share buyback plan on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.6% 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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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