Northpointe Capital LLC raised its stake in shares of Bank of America Corp (NYSE:BAC) by 60.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 301,795 shares of the financial services provider’s stock after purchasing an additional 114,136 shares during the period. Bank of America accounts for approximately 2.8% of Northpointe Capital LLC’s investment portfolio, making the stock its 3rd biggest position. Northpointe Capital LLC’s holdings in Bank of America were worth $8,752,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the stock. CNB Bank grew its stake in shares of Bank of America by 188.4% in the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after buying an additional 620 shares during the period. Paragon Capital Management LLC acquired a new stake in shares of Bank of America in the 1st quarter valued at about $33,000. Semmax Financial Advisors Inc. acquired a new stake in shares of Bank of America in the 4th quarter valued at about $34,000. Camarda Financial Advisors LLC grew its stake in shares of Bank of America by 167.2% in the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,067 shares during the period. Finally, Nalls Sherbakoff Group LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at about $48,000. 68.23% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently commented on the company. Berenberg Bank set a $30.00 target price on Bank of America and gave the company a “hold” rating in a research note on Monday, June 17th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a research note on Monday, June 17th. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price for the company. in a research note on Tuesday, April 30th. Jefferies Financial Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price for the company. in a research note on Wednesday, April 17th. Finally, Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and raised their target price for the company from $32.00 to $36.00 in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $33.02.
Bank of America (NYSE:BAC) last announced its 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. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The company had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. During the same period in the previous year, the business earned $0.63 earnings per share. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. Research analysts forecast that Bank of America Corp will post 2.83 earnings per share for the current year.
Bank of America declared that its Board of Directors has initiated a stock repurchase program on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a $0.18 dividend. The ex-dividend date is Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 2.53%. Bank of America’s payout ratio is 22.99%.
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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