Hedeker Wealth LLC lifted its holdings in shares of Bank of America Corp (NYSE:BAC) by 3.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 176,159 shares of the financial services provider’s stock after acquiring an additional 6,285 shares during the period. Bank of America accounts for approximately 3.2% of Hedeker Wealth LLC’s investment portfolio, making the stock its 5th biggest holding. Hedeker Wealth LLC’s holdings in Bank of America were worth $5,108,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of BAC. CNB Bank grew its stake in Bank of America by 188.4% during the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after buying an additional 620 shares during the last quarter. Paragon Capital Management LLC purchased a new position in Bank of America during the 1st quarter worth approximately $33,000. Semmax Financial Advisors Inc. purchased a new position in Bank of America during the 4th quarter worth approximately $34,000. Camarda Financial Advisors LLC grew its stake in Bank of America by 167.2% during the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after buying an additional 1,067 shares during the last quarter. Finally, Nalls Sherbakoff Group LLC purchased a new position in Bank of America during the 4th quarter worth approximately $48,000. 68.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of BAC stock opened at $28.42 on Wednesday. The company has a 50 day moving average of $29.27. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.91. The stock has a market cap of $273.48 billion, a P/E ratio of 10.89, a P/E/G ratio of 1.15 and a beta of 1.54. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.
Bank of America announced that its board has authorized a share buyback plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared 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. The ex-dividend date is Thursday, September 5th. This is an increase 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 2.53%. Bank of America’s payout ratio is 22.99%.
A number of research analysts recently issued reports on BAC shares. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $32.00 to $36.00 in a research note on Friday, July 26th. Jefferies Financial Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research note on Wednesday, April 17th. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. lowered their target price on 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. Finally, Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price on the stock. in a research note on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target 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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