Voleon Capital Management LP bought a new position in Bank of America Corp (NYSE:BAC) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,115,000 shares of the financial services provider’s stock, valued at approximately $32,335,000. Bank of America comprises 1.9% of Voleon Capital Management LP’s holdings, making the stock its 19th largest holding.
Several other hedge funds and other institutional investors have also made changes to their positions in BAC. CNB Bank raised its holdings in shares of Bank of America by 188.4% in the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 620 shares during the period. Camarda Financial Advisors LLC raised its holdings in shares of Bank of America by 167.2% in the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,067 shares during the period. Mackey Komara & Dankovich LLC raised its holdings in shares of Bank of America by 57.6% in the 2nd quarter. Mackey Komara & Dankovich LLC now owns 3,484 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 1,274 shares during the period. Personal Wealth Partners bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $68,000. Finally, CX Institutional raised its holdings in shares of Bank of America by 135.8% in the 2nd quarter. CX Institutional now owns 2,391 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,377 shares during the period. Hedge funds and other institutional investors own 68.48% of the company’s stock.
A number of equities research analysts recently commented on the stock. Raymond James cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target on the stock in a report on Monday, June 17th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a report on Wednesday, July 10th. Keefe, Bruyette & Woods cut shares of Bank of America from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $36.00 to $29.00 in a report on Thursday, September 5th. Finally, Morgan Stanley lifted their price target on shares of Bank of America from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company’s stock. Bank of America currently has an average rating of “Hold” and an average target price of $32.42.
BAC stock traded down $0.58 during midday trading on Tuesday, reaching $28.94. 63,092,528 shares of the company’s stock traded hands, compared to its average volume of 58,243,116. The company has a 50-day moving average price of $28.06 and a two-hundred day moving average price of $28.73. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.20. The firm has a market capitalization of $269.38 billion, a PE ratio of 11.09, a price-to-earnings-growth ratio of 1.16 and a beta of 1.57.
Bank of America (NYSE:BAC) last issued its earnings results 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. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same quarter in the previous year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts predict that Bank of America Corp will post 2.82 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.18 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.49%. Bank of America’s payout ratio is presently 27.59%.
Bank of America announced that its Board of Directors has initiated a share repurchase plan on Thursday, June 27th that allows the company to buyback $30.90 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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