Eagle Ridge Investment Management cut its holdings in Bank of America Corp (NYSE:BAC) by 1.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 359,193 shares of the financial services provider’s stock after selling 6,794 shares during the period. Bank of America accounts for 1.5% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 23rd biggest position. Eagle Ridge Investment Management’s holdings in Bank of America were worth $10,417,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Stephens Inc. AR boosted its holdings in Bank of America by 1.5% in the 2nd quarter. Stephens Inc. AR now owns 932,093 shares of the financial services provider’s stock worth $27,031,000 after buying an additional 13,925 shares during the period. Hartford Financial Management Inc. boosted its holdings in Bank of America by 19.4% in the 2nd quarter. Hartford Financial Management Inc. now owns 62,058 shares of the financial services provider’s stock valued at $1,800,000 after purchasing an additional 10,063 shares during the period. Lyell Wealth Management LP boosted its holdings in Bank of America by 1.2% in the 2nd quarter. Lyell Wealth Management LP now owns 185,233 shares of the financial services provider’s stock valued at $5,372,000 after purchasing an additional 2,160 shares during the period. Milestone Group Inc. bought a new position in Bank of America in the 2nd quarter valued at $261,000. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Bank of America by 31.6% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 4,016,468 shares of the financial services provider’s stock valued at $114,544,000 after purchasing an additional 963,694 shares during the period. 69.50% of the stock is owned by institutional investors.
BAC has been the subject of several analyst reports. Berenberg Bank set a $30.00 price target on shares of Bank of America and gave the company a “hold” rating in a report on Monday, June 17th. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $32.00 to $36.00 in a research report on Friday, July 26th. JPMorgan Chase & Co. lowered their price objective on shares of 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. 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 report on Wednesday, April 17th. Finally, 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 report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. Bank of America presently has a consensus rating of “Hold” and a consensus target price of $32.89.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company posted $0.63 EPS. Research analysts forecast that Bank of America Corp will post 2.83 EPS for the current year.
The firm 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. This represents a $0.72 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Thursday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.
Bank of America declared that its Board of Directors has approved a share repurchase program 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 reacquire up to 11.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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.
See Also: Net Income
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