Wealth Enhancement Advisory Services LLC grew its stake in shares of Bank of America Corp (NYSE:BAC) by 10.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 171,898 shares of the financial services provider’s stock after buying an additional 16,004 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Bank of America were worth $5,246,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. M Holdings Securities Inc. increased its stake in shares of Bank of America by 22.0% in the first quarter. M Holdings Securities Inc. now owns 113,968 shares of the financial services provider’s stock worth $3,144,000 after acquiring an additional 20,587 shares during the period. St. Johns Investment Management Company LLC raised its holdings in Bank of America by 2.4% in the first quarter. St. Johns Investment Management Company LLC now owns 105,357 shares of the financial services provider’s stock valued at $2,907,000 after buying an additional 2,466 shares during the period. Hodges Capital Management Inc. raised its holdings in Bank of America by 2.9% in the first quarter. Hodges Capital Management Inc. now owns 210,844 shares of the financial services provider’s stock valued at $5,817,000 after buying an additional 5,886 shares during the period. Legacy Capital Partners Inc. raised its holdings in Bank of America by 0.8% in the second quarter. Legacy Capital Partners Inc. now owns 91,522 shares of the financial services provider’s stock valued at $2,654,000 after buying an additional 723 shares during the period. Finally, Ballentine Partners LLC raised its holdings in Bank of America by 2.6% in the second quarter. Ballentine Partners LLC now owns 123,583 shares of the financial services provider’s stock valued at $3,584,000 after buying an additional 3,089 shares during the period. 69.50% of the stock is currently owned by institutional investors.
Shares of NYSE:BAC traded down $0.05 during trading on Thursday, hitting $26.38. 52,014,267 shares of the company were exchanged, compared to its average volume of 57,185,536. The firm has a market cap of $257.28 billion, a P/E ratio of 10.11, a PEG ratio of 1.09 and a beta of 1.54. The firm’s 50 day moving average is $29.20. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.49. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.18 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Thursday, September 5th. Bank of America’s dividend payout ratio is currently 22.99%.
Bank of America declared that its Board of Directors has approved a share buyback program on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
Several brokerages have issued reports on BAC. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. dropped their price target on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research note on Tuesday, July 9th. Berenberg Bank set a $30.00 price target on Bank of America and gave the stock a “hold” rating in a research note on Monday, June 17th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $32.00 to $36.00 in a research note on Friday, July 26th. Finally, Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research note on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $32.89.
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.
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