Stony Point Wealth Management Inc. cut its stake in Bank of America Corp (NYSE:BAC) by 8.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,822 shares of the financial services provider’s stock after selling 3,024 shares during the quarter. Stony Point Wealth Management Inc.’s holdings in Bank of America were worth $900,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Columbia Asset Management increased its holdings in shares of Bank of America by 7.9% in the fourth quarter. Columbia Asset Management now owns 62,850 shares of the financial services provider’s stock worth $1,549,000 after purchasing an additional 4,626 shares during the last quarter. Pacific Wealth Strategies Group Inc. purchased a new position in shares of Bank of America in the fourth quarter valued at $410,000. Van ECK Associates Corp boosted its stake in shares of Bank of America by 9.8% in the fourth quarter. Van ECK Associates Corp now owns 151,999 shares of the financial services provider’s stock valued at $3,745,000 after purchasing an additional 13,527 shares during the period. AMG National Trust Bank boosted its stake in shares of Bank of America by 12.2% in the fourth quarter. AMG National Trust Bank now owns 211,168 shares of the financial services provider’s stock valued at $5,203,000 after purchasing an additional 22,996 shares during the period. Finally, Venturi Wealth Management LLC boosted its stake in shares of Bank of America by 51.7% in the fourth quarter. Venturi Wealth Management LLC now owns 10,234 shares of the financial services provider’s stock valued at $251,000 after purchasing an additional 3,488 shares during the period. 68.24% of the stock is owned by institutional investors.
A number of research analysts have recently issued reports on BAC shares. BMO Capital Markets upgraded 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 research report on Monday, June 17th. Jefferies Financial Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective on the stock. in a report on Wednesday, April 17th. Berenberg Bank set a $30.00 price objective on shares of Bank of America and gave the stock a “hold” rating in a report on Monday, June 17th. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Finally, Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $32.00 to $36.00 in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $33.02.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.70 by $0.04. The company had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the company posted $0.63 earnings per share. On average, equities analysts anticipate that Bank of America Corp will post 2.83 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.
Bank of America declared that its Board of Directors has authorized a stock 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 buy up to 11.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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