Parsons Capital Management Inc. RI Has $1.91 Million Holdings in Bank of America Corp (NYSE:BAC)

Parsons Capital Management Inc. RI lifted its stake in shares of Bank of America Corp (NYSE:BAC) by 17.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 65,956 shares of the financial services provider’s stock after purchasing an additional 9,652 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Bank of America were worth $1,913,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. First Bank & Trust increased its holdings in Bank of America by 16.6% in the second quarter. First Bank & Trust now owns 4,623 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 657 shares during the period. M Holdings Securities Inc. increased its holdings in 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 valued at $3,144,000 after purchasing an additional 20,587 shares during the period. St. Johns Investment Management Company LLC increased 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 purchasing an additional 2,466 shares during the period. Hodges Capital Management Inc. increased 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 purchasing an additional 5,886 shares during the period. Finally, Legacy Capital Partners Inc. increased 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 purchasing an additional 723 shares during the period. Institutional investors own 69.50% of the company’s stock.

BAC traded up $0.76 during trading on Friday, reaching $27.01. 1,913,259 shares of the stock traded hands, compared to its average volume of 57,940,864. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $258.03 billion, a PE ratio of 10.31, a P/E/G ratio of 1.09 and a beta of 1.54. The stock’s 50-day moving average is $29.17 and its 200 day moving average is $28.88. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.49.



Bank of America (NYSE:BAC) last issued 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. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.63 earnings per share. As a group, equities research analysts anticipate that Bank of America Corp will post 2.83 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.67%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio is 22.99%.

Bank of America announced that its Board of Directors has approved a share buyback plan on Thursday, June 27th that permits the company to buyback $30.90 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

A number of analysts recently weighed in on BAC shares. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $32.00 to $36.00 in a report on Friday, July 26th. Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a report on Wednesday, July 10th. Berenberg Bank set a $30.00 price objective on Bank of America and gave the company a “hold” rating in a report on Monday, June 17th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a report on Monday, June 17th. Finally, Morgan Stanley set a $31.00 price objective on Bank of America and gave the company a “buy” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $32.89.

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

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