Bank of America Corp (BAC) Holdings Raised by West Chester Capital Advisors Inc.

West Chester Capital Advisors Inc. lifted its stake in Bank of America Corp (NYSE:BAC) by 20.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,413 shares of the financial services provider’s stock after purchasing an additional 2,600 shares during the quarter. West Chester Capital Advisors Inc.’s holdings in Bank of America were worth $436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of The West raised its position in Bank of America by 7.3% in the 2nd quarter. Bank of The West now owns 167,138 shares of the financial services provider’s stock worth $4,712,000 after buying an additional 11,368 shares during the last quarter. RFG Advisory Group LLC increased its position in shares of Bank of America by 56.5% during the 2nd quarter. RFG Advisory Group LLC now owns 28,901 shares of the financial services provider’s stock valued at $815,000 after purchasing an additional 10,433 shares during the last quarter. Hermes Investment Management Ltd. increased its position in shares of Bank of America by 14.7% during the 2nd quarter. Hermes Investment Management Ltd. now owns 3,284,039 shares of the financial services provider’s stock valued at $92,577,000 after purchasing an additional 421,606 shares during the last quarter. Douglass Winthrop Advisors LLC increased its position in shares of Bank of America by 3.1% during the 2nd quarter. Douglass Winthrop Advisors LLC now owns 67,456 shares of the financial services provider’s stock valued at $1,902,000 after purchasing an additional 2,037 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC increased its position in shares of Bank of America by 2.4% during the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 744,858 shares of the financial services provider’s stock valued at $20,998,000 after purchasing an additional 17,606 shares during the last quarter. 66.91% of the stock is owned by hedge funds and other institutional investors.

In other news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total transaction of $500,070.20. Following the transaction, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is currently owned by corporate insiders.

NYSE:BAC traded down $0.41 during midday trading on Friday, hitting $31.19. 55,670,161 shares of the company traded hands, compared to its average volume of 62,397,748. Bank of America Corp has a 12-month low of $22.75 and a 12-month high of $33.05. The firm has a market capitalization of $323.70 billion, a PE ratio of 17.04, a PEG ratio of 1.56 and a beta of 1.29. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last released its earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The business had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. During the same quarter last year, the firm posted $0.46 earnings per share. The business’s revenue was down .9% compared to the same quarter last year. equities analysts forecast that Bank of America Corp will post 2.53 EPS for the current year.

Bank of America declared that its board has initiated a share repurchase program on Thursday, June 28th that permits the company to buyback $20.60 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be given a dividend of $0.15 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.92%. Bank of America’s dividend payout ratio is presently 26.23%.

Several equities research analysts have recently commented on BAC shares. Citigroup upped their price target on shares of Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, April 24th. ValuEngine downgraded Bank of America from a “buy” rating to a “hold” rating in a research note on Wednesday, April 18th. Jefferies Financial Group reiterated a “buy” rating and set a $34.00 price objective on shares of Bank of America in a research note on Tuesday, April 17th. Vetr downgraded Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 price objective for the company. in a research note on Tuesday, April 17th. Finally, Vining Sparks initiated coverage on Bank of America in a research note on Monday, April 16th. They set a “buy” rating and a $35.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $32.37.

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

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