United Capital Management of KS Inc. Grows Position in Bank of America Corp (NYSE:BAC)

United Capital Management of KS Inc. raised its holdings in shares of Bank of America Corp (NYSE:BAC) by 3.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 60,533 shares of the financial services provider’s stock after purchasing an additional 2,173 shares during the quarter. Bank of America makes up approximately 1.3% of United Capital Management of KS Inc.’s portfolio, making the stock its 24th largest holding. United Capital Management of KS Inc.’s holdings in Bank of America were worth $1,781,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Daily Journal Corp lifted its holdings in shares of Bank of America by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after purchasing an additional 227,700,000 shares during the last quarter. Norges Bank acquired a new position in Bank of America during the 4th quarter worth $2,656,024,000. Harris Associates L P lifted its position in Bank of America by 0.8% during the 4th quarter. Harris Associates L P now owns 81,107,007 shares of the financial services provider’s stock worth $1,998,477,000 after acquiring an additional 669,104 shares during the last quarter. Legal & General Group Plc lifted its position in Bank of America by 5.7% during the 4th quarter. Legal & General Group Plc now owns 43,093,827 shares of the financial services provider’s stock worth $1,061,797,000 after acquiring an additional 2,322,908 shares during the last quarter. Finally, Sanders Capital LLC lifted its position in Bank of America by 3.3% during the 2nd quarter. Sanders Capital LLC now owns 24,858,471 shares of the financial services provider’s stock worth $797,049,000 after acquiring an additional 801,400 shares during the last quarter. 68.23% of the stock is currently owned by institutional investors and hedge funds.

BAC traded down $0.21 during mid-day trading on Tuesday, hitting $27.87. The stock had a trading volume of 2,179,349 shares, compared to its average volume of 47,919,868. The business’s fifty day simple moving average is $29.27. 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 1-year low of $22.66 and a 1-year high of $31.91. The firm has a market cap of $273.48 billion, a price-to-earnings ratio of 10.67, 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, topping the consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. During the same quarter in the previous year, the company earned $0.63 EPS. The business’s revenue was up 2.7% on a year-over-year basis. As a group, analysts forecast that Bank of America Corp will post 2.83 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a stock repurchase program on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.18 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.72 annualized dividend and a yield of 2.58%. Bank of America’s payout ratio is 22.99%.

A number of research analysts have weighed in on BAC shares. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $32.00 to $36.00 in a research report on Friday, July 26th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research note on Wednesday, July 10th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research note on Tuesday, July 9th. Atlantic Securities cut shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective on the stock. in a research note on Tuesday, April 30th. Finally, 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 research note on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. Bank of America has a consensus rating of “Hold” and a consensus target price of $33.02.

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

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