CRA Financial Services LLC reduced its stake in Bank of America Corp (NYSE:BAC) by 1.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 60,194 shares of the financial services provider’s stock after selling 934 shares during the quarter. Bank of America makes up 1.0% of CRA Financial Services LLC’s investment portfolio, making the stock its 24th largest holding. CRA Financial Services LLC’s holdings in Bank of America were worth $1,746,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Banco Santander S.A. lifted its holdings in shares of Bank of America by 166.3% during the fourth quarter. Banco Santander S.A. now owns 1,486,600 shares of the financial services provider’s stock worth $36,630,000 after buying an additional 928,360 shares during the last quarter. Highland Private Wealth Management lifted its holdings in shares of Bank of America by 4.7% during the fourth quarter. Highland Private Wealth Management now owns 11,786 shares of the financial services provider’s stock worth $290,000 after buying an additional 526 shares during the last quarter. Permanens Capital L.P. acquired a new position in shares of Bank of America during the fourth quarter worth approximately $207,000. U S Global Investors Inc. lifted its holdings in shares of Bank of America by 7.5% during the fourth quarter. U S Global Investors Inc. now owns 16,814 shares of the financial services provider’s stock worth $414,000 after buying an additional 1,176 shares during the last quarter. Finally, Robertson Stephens Wealth Management LLC acquired a new position in shares of Bank of America during the fourth quarter worth approximately $209,000. Hedge funds and other institutional investors own 68.24% of the company’s stock.
BAC has been the subject of a number of research analyst reports. Jefferies Financial Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target for the company. in a report on Wednesday, April 17th. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target for the company. in a report on Tuesday, April 30th. Berenberg Bank set a $30.00 price target on Bank of America and gave the stock a “hold” rating in a report on Monday, June 17th. Finally, BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a report on Monday, June 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $33.02.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. Bank of America’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 earnings per share. Analysts anticipate that Bank of America Corp will post 2.83 earnings per share for the current year.
Bank of America announced that its board has initiated a share repurchase plan on Thursday, June 27th that permits the company to buyback $30.90 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.45%. Bank of America’s payout ratio is currently 22.99%.
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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