Smith Salley & Associates grew its stake in Bank of America Co. (NYSE:BAC) by 64.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,571 shares of the financial services provider’s stock after acquiring an additional 12,329 shares during the period. Smith Salley & Associates’ holdings in Bank of America were worth $1,302,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of BAC. Camden National Bank raised its holdings in shares of Bank of America by 9.8% in the fourth quarter. Camden National Bank now owns 11,568 shares of the financial services provider’s stock worth $351,000 after buying an additional 1,030 shares during the last quarter. Atlas Private Wealth Management increased its stake in shares of Bank of America by 12.8% in the first quarter. Atlas Private Wealth Management now owns 2,820 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 320 shares during the period. Symmetry Investments LP acquired a new stake in shares of Bank of America in the first quarter worth $1,161,000. Nicolet Bankshares Inc. acquired a new stake in shares of Bank of America in the first quarter worth $266,000. Finally, Adell Harriman & Carpenter Inc. increased its stake in shares of Bank of America by 20.3% in the first quarter. Adell Harriman & Carpenter Inc. now owns 16,494 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 2,786 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.
A number of analysts have recently weighed in on BAC shares. Credit Suisse Group increased their price objective on shares of Bank of America from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Friday, July 16th. Truist Securities initiated coverage on shares of Bank of America in a research report on Wednesday, June 2nd. They set a “buy” rating on the stock. Evercore ISI restated a “buy” rating and set a $43.00 price target on shares of Bank of America in a research report on Friday, July 2nd. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Monday, July 19th. Finally, Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Friday, June 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Buy” and an average price target of $40.06.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 14th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $21.50 billion during the quarter, compared to analysts’ expectations of $21.77 billion. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.37 earnings per share. Equities analysts expect that Bank of America Co. will post 3.34 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 24th. Investors of record on Friday, September 3rd will be issued a $0.21 dividend. The ex-dividend date is Thursday, September 2nd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.05%. This is a boost from Bank of America’s previous quarterly dividend of $0.18. Bank of America’s payout ratio is 38.50%.
In other Bank of America news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, August 6th. The shares were sold at an average price of $39.98, for a total transaction of $3,198,400.00. Following the completion of the transaction, the insider now owns 337,006 shares in the company, valued at approximately $13,473,499.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.22% of the company’s stock.
Bank of America Company Profile
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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