Keebeck Alpha LP decreased its position in Bank of America Co. (NYSE:BAC) by 16.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,098 shares of the financial services provider’s stock after selling 2,117 shares during the quarter. Keebeck Alpha LP’s holdings in Bank of America were worth $429,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. Well Done LLC boosted its position in Bank of America by 2.8% during the 1st quarter. Well Done LLC now owns 9,169 shares of the financial services provider’s stock valued at $355,000 after purchasing an additional 249 shares during the period. Regal Wealth Group Inc. raised its stake in Bank of America by 7.7% during the 1st quarter. Regal Wealth Group Inc. now owns 3,558 shares of the financial services provider’s stock valued at $138,000 after acquiring an additional 253 shares in the last quarter. Family Legacy Inc. raised its stake in Bank of America by 1.2% during the 1st quarter. Family Legacy Inc. now owns 22,567 shares of the financial services provider’s stock valued at $873,000 after acquiring an additional 264 shares in the last quarter. Relyea Zuckerberg Hanson LLC raised its stake in Bank of America by 2.9% during the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 9,369 shares of the financial services provider’s stock valued at $374,000 after acquiring an additional 265 shares in the last quarter. Finally, IMS Capital Management raised its stake in Bank of America by 1.6% during the 1st quarter. IMS Capital Management now owns 17,274 shares of the financial services provider’s stock valued at $668,000 after acquiring an additional 277 shares in the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.
NYSE:BAC opened at $42.36 on Monday. Bank of America Co. has a 1 year low of $21.23 and a 1 year high of $42.94. The firm’s fifty day simple moving average is $39.89 and its 200 day simple moving average is $33.37. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $363.00 billion, a PE ratio of 20.97, a PEG ratio of 2.13 and a beta of 1.59.
Bank of America declared that its board has initiated a share repurchase plan on Tuesday, January 19th that permits the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 25th. Investors of record on Friday, June 4th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 1.70%. Bank of America’s payout ratio is presently 24.49%.
BAC has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of America from $35.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday, April 1st. JPMorgan Chase & Co. boosted their price objective on Bank of America from $40.50 to $43.50 and gave the stock an “overweight” rating in a research note on Monday, May 3rd. Zacks Investment Research raised Bank of America from a “hold” rating to a “strong-buy” rating and set a $45.00 price objective on the stock in a research note on Monday, April 19th. Robert W. Baird reissued a “neutral” rating and issued a $42.00 price objective on shares of Bank of America in a research note on Monday, May 10th. Finally, Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 target price on the stock in a research report on Tuesday, January 26th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Bank of America presently has an average rating of “Buy” and an average target price of $38.26.
About Bank of America
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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