Washington Trust Bank decreased its position in shares of Bank of America Corp (NYSE:BAC) by 3.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 79,981 shares of the financial services provider’s stock after selling 3,134 shares during the period. Washington Trust Bank’s holdings in Bank of America were worth $2,320,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in BAC. Daily Journal Corp increased its position in Bank of America by 9,900.0% during the second quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock worth $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 fourth quarter worth approximately $2,656,024,000. Brandywine Global Investment Management LLC increased its position in Bank of America by 111.7% during the fourth quarter. Brandywine Global Investment Management LLC now owns 11,609,495 shares of the financial services provider’s stock worth $286,058,000 after purchasing an additional 6,124,599 shares during the last quarter. Millennium Management LLC increased its position in Bank of America by 92.4% during the fourth quarter. Millennium Management LLC now owns 7,969,307 shares of the financial services provider’s stock worth $196,364,000 after purchasing an additional 3,827,667 shares during the last quarter. Finally, Thoroughbred Financial Services LLC increased its position in Bank of America by 2,897.0% during the second quarter. Thoroughbred Financial Services LLC now owns 3,420,637 shares of the financial services provider’s stock worth $342,064,000 after purchasing an additional 3,306,502 shares during the last quarter. 68.23% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently commented on BAC. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a research report on Monday, June 17th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $32.00 to $36.00 in a research report on Friday, July 26th. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research report on Tuesday, July 9th. Finally, Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $33.02.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ 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 for the quarter, compared to the consensus estimate of $23.13 billion. During the same period last year, the firm posted $0.63 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. Analysts predict that Bank of America Corp will post 2.83 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.18 per share. 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 2.61%. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.
Bank of America declared that its board has approved a stock buyback plan on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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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