Obermeyer Wood Investment Counsel Lllp decreased its position in shares of Bank of America Corp (NYSE:BAC) by 2.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 1,323,903 shares of the financial services provider’s stock after selling 33,748 shares during the period. Bank of America comprises approximately 3.5% of Obermeyer Wood Investment Counsel Lllp’s portfolio, making the stock its 8th largest holding. Obermeyer Wood Investment Counsel Lllp’s holdings in Bank of America were worth $38,393,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the company. CNB Bank increased its holdings in shares of Bank of America by 188.4% in the first 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. Paragon Capital Management LLC acquired a new position in shares of Bank of America in the 1st quarter valued at $33,000. Camarda Financial Advisors LLC lifted its position in Bank of America by 167.2% during the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,067 shares during the period. WP Advisors LLC purchased a new position in Bank of America in the 1st quarter valued at $63,000. Finally, Cascade Investment Advisors Inc. purchased a new stake in shares of Bank of America in the first quarter valued at about $63,000. Institutional investors own 68.61% of the company’s stock.
A number of brokerages have issued reports on BAC. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a report on Monday, June 17th. DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. 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. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report 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 on the stock. in a report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $32.29.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The company had revenue of $23.10 billion during 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 revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.63 EPS. On average, equities analysts expect that Bank of America Corp will post 2.82 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a dividend of $0.18 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.72 annualized dividend and a yield of 2.44%. Bank of America’s dividend payout ratio is 27.59%.
Bank of America announced that its Board of Directors has initiated a stock buyback program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $11.78, for a total value of $63,258.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.17% of the stock is owned by corporate insiders.
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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