Voloridge Investment Management LLC bought a new position in shares of Bank of America Corp (NYSE:BAC) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 1,655,867 shares of the financial services provider’s stock, valued at approximately $48,020,000. Bank of America accounts for approximately 1.3% of Voloridge Investment Management LLC’s holdings, making the stock its 8th biggest holding.
Several other institutional investors also recently bought and sold shares of BAC. CNB Bank grew its position 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 valued at $26,000 after purchasing an additional 620 shares during the period. Camarda Financial Advisors LLC grew its position 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 valued at $47,000 after purchasing an additional 1,067 shares during the period. Personal Wealth Partners acquired a new position in shares of Bank of America in the 2nd quarter valued at approximately $68,000. CX Institutional grew its position 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 valued at $69,000 after purchasing an additional 1,377 shares during the period. Finally, Virtus ETF Advisers LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at approximately $70,000. Institutional investors own 68.48% of the company’s stock.
In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.
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, topping analysts’ consensus estimates of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same quarter in the prior year, the business posted $0.63 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. Analysts predict that Bank of America Corp will post 2.82 earnings per share for the current year.
Bank of America announced that its board has authorized a share repurchase plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.49%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio is currently 27.59%.
Several brokerages recently issued reports on BAC. Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research report on Wednesday, July 10th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a research note on Monday, June 17th. Keefe, Bruyette & Woods cut Bank of America from an “outperform” rating to a “market perform” rating and cut their target price for the company from $36.00 to $29.00 in a research note on Thursday, September 5th. Wells Fargo & Co set a $34.00 target price on Bank of America and gave the company a “buy” rating in a research note on Friday, August 16th. Finally, Berenberg Bank set a $30.00 target price on Bank of America and gave the company a “hold” rating in a research note on Monday, June 17th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $32.42.
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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