EJF Capital LLC acquired a new position in Bank of America Corp (NYSE:BAC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 10,000 shares of the financial services provider’s stock, valued at approximately $282,000.
Several other institutional investors have also bought and sold shares of BAC. Columbus Hill Capital Management L.P. boosted its holdings in Bank of America by 65.5% during the second quarter. Columbus Hill Capital Management L.P. now owns 964,000 shares of the financial services provider’s stock valued at $27,175,000 after purchasing an additional 381,600 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Bank of America by 21.8% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,126,974 shares of the financial services provider’s stock valued at $144,529,000 after purchasing an additional 917,100 shares in the last quarter. Arthur M. Cohen & Associates LLC boosted its holdings in Bank of America by 7.6% during the second quarter. Arthur M. Cohen & Associates LLC now owns 29,121 shares of the financial services provider’s stock valued at $823,000 after purchasing an additional 2,055 shares in the last quarter. Sandhill Capital Partners LLC boosted its holdings in Bank of America by 1.3% during the second quarter. Sandhill Capital Partners LLC now owns 528,266 shares of the financial services provider’s stock valued at $14,892,000 after purchasing an additional 6,809 shares in the last quarter. Finally, Burney Co. boosted its holdings in Bank of America by 68.0% during the second quarter. Burney Co. now owns 64,805 shares of the financial services provider’s stock valued at $1,827,000 after purchasing an additional 26,236 shares in the last quarter. Institutional investors and hedge funds own 65.08% of the company’s stock.
Separately, Wolfe Research initiated coverage on Bank of America in a report on Tuesday, September 25th. They set an “outperform” rating on the stock. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Bank of America currently has an average rating of “Buy” and an average price target of $33.35.
BAC stock opened at $30.27 on Tuesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a fifty-two week low of $25.12 and a fifty-two week high of $33.05. The company has a market capitalization of $301.78 billion, a P/E ratio of 16.45, a P/E/G ratio of 1.46 and a beta of 1.30.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The firm had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. During the same quarter in the previous year, the company posted $0.46 EPS. Bank of America’s revenue was down .9% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Corp will post 2.52 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 7th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend was Thursday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s payout ratio is 32.79%.
Bank of America announced that its Board of Directors has approved a stock repurchase plan on Thursday, June 28th that allows the company to buyback $20.60 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board 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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