Edge Capital Group LLC Has $2.12 Million Stock Position in Bank of America Corp (NYSE:BAC)

Edge Capital Group LLC boosted its holdings in shares of Bank of America Corp (NYSE:BAC) by 3.1% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 73,181 shares of the financial services provider’s stock after buying an additional 2,183 shares during the period. Edge Capital Group LLC’s holdings in Bank of America were worth $2,122,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Putnam FL Investment Management Co. increased its position in Bank of America by 17.8% in the 2nd quarter. Putnam FL Investment Management Co. now owns 406,919 shares of the financial services provider’s stock worth $11,801,000 after purchasing an additional 61,372 shares during the last quarter. United Capital Management of KS Inc. increased its position in Bank of America by 3.7% in the 2nd quarter. United Capital Management of KS Inc. now owns 60,533 shares of the financial services provider’s stock worth $1,781,000 after purchasing an additional 2,173 shares during the last quarter. Chemical Bank increased its position in Bank of America by 0.5% in the 2nd quarter. Chemical Bank now owns 87,666 shares of the financial services provider’s stock worth $2,543,000 after purchasing an additional 472 shares during the last quarter. Atlas Capital Advisors LLC increased its position in Bank of America by 9.5% in the 2nd quarter. Atlas Capital Advisors LLC now owns 24,643 shares of the financial services provider’s stock worth $715,000 after purchasing an additional 2,138 shares during the last quarter. Finally, Ballentine Partners LLC increased its position in Bank of America by 2.6% in the 2nd quarter. Ballentine Partners LLC now owns 123,583 shares of the financial services provider’s stock worth $3,584,000 after purchasing an additional 3,089 shares during the last quarter. 68.23% of the stock is currently owned by hedge funds and other institutional investors.

BAC has been the topic of several research reports. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a research report on Monday, June 17th. Jefferies Financial Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price on the stock. in a research report on Wednesday, April 17th. Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research report on Wednesday, July 10th. Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price on the stock. in a research report on Tuesday, April 30th. Finally, JPMorgan Chase & Co. dropped their target price on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $33.02.

BAC opened at $28.08 on Tuesday. The company has a market cap of $273.48 billion, a P/E ratio of 10.76, a PEG ratio of 1.15 and a beta of 1.54. The business’s 50-day moving average is $29.27. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.91. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (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 the consensus estimate of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.63 EPS. On average, research analysts predict that Bank of America Corp will post 2.83 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Thursday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio is 22.99%.

Bank of America announced that its board has initiated a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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.

Further Reading: How liquidity affects the bid-ask spread

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

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