Middleton & Co Inc MA Has $3.24 Million Holdings in Bank of America Corp (NYSE:BAC)

Middleton & Co Inc MA cut its holdings in shares of Bank of America Corp (NYSE:BAC) by 0.8% in the second quarter, HoldingsChannel reports. The fund owned 111,620 shares of the financial services provider’s stock after selling 875 shares during the quarter. Middleton & Co Inc MA’s holdings in Bank of America were worth $3,237,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Daily Journal Corp boosted its position in Bank of America by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock worth $66,700,000 after acquiring an additional 227,700,000 shares during the period. Norges Bank acquired a new stake in Bank of America during the 4th quarter worth about $2,656,024,000. Brandywine Global Investment Management LLC boosted its position in Bank of America by 111.7% during the 4th quarter. Brandywine Global Investment Management LLC now owns 11,609,495 shares of the financial services provider’s stock worth $286,058,000 after acquiring an additional 6,124,599 shares during the period. Millennium Management LLC boosted its position in Bank of America by 92.4% during the 4th quarter. Millennium Management LLC now owns 7,969,307 shares of the financial services provider’s stock worth $196,364,000 after acquiring an additional 3,827,667 shares during the period. Finally, Thoroughbred Financial Services LLC boosted its position in Bank of America by 2,897.0% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 3,420,637 shares of the financial services provider’s stock worth $342,064,000 after acquiring an additional 3,306,502 shares during the period. Hedge funds and other institutional investors own 68.23% of the company’s stock.

Shares of BAC stock opened at $28.34 on Monday. The firm has a 50 day moving average of $29.22. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.91. The company has a market cap of $273.48 billion, a P/E ratio of 10.86, a price-to-earnings-growth ratio of 1.15 and a beta of 1.54.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. During the same period last year, the business earned $0.63 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. Sell-side analysts predict that Bank of America Corp will post 2.83 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a share buyback plan on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.54%. This is an increase from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

Several equities research analysts have recently issued reports on the company. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. 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. 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. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $32.00 to $36.00 in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. reduced their price target on Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a report on Tuesday, July 9th. 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.

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

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