Tower Research Capital LLC TRC bought a new position in Bank of America Corp. (NYSE:BAC) during the second quarter, Holdings Channel reports. The firm bought 228,901 shares of the financial services provider’s stock, valued at approximately $3,038,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Dodge & Cox raised its stake in Bank of America Corp. by 15.4% in the first quarter. Dodge & Cox now owns 215,803,933 shares of the financial services provider’s stock valued at $2,917,669,000 after buying an additional 28,729,070 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Bank of America Corp. during the second quarter valued at approximately $364,977,000. Societe Generale purchased a new stake in Bank of America Corp. during the second quarter valued at approximately $151,627,000. Vanguard Group Inc. raised its stake in Bank of America Corp. by 1.6% in the second quarter. Vanguard Group Inc. now owns 610,454,858 shares of the financial services provider’s stock valued at $8,100,737,000 after buying an additional 9,325,426 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in Bank of America Corp. by 16.8% in the first quarter. Canada Pension Plan Investment Board now owns 47,215,349 shares of the financial services provider’s stock valued at $638,352,000 after buying an additional 6,801,200 shares during the last quarter. 60.68% of the stock is currently owned by institutional investors and hedge funds.
Shares of Bank of America Corp. (NYSE:BAC) opened at 15.16 on Friday. The firm has a market cap of $159.43 billion, a P/E ratio of 12.71 and a beta of 1.67. Bank of America Corp. has a 12 month low of $10.99 and a 12 month high of $18.09. The company has a 50-day moving average of $15.52 and a 200-day moving average of $14.38.
Bank of America Corp. (NYSE:BAC) last issued its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.03. The business earned $20.60 million during the quarter, compared to the consensus estimate of $20.41 billion. Bank of America Corp. had a net margin of 16.31% and a return on equity of 6.23%. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 EPS. Equities analysts forecast that Bank of America Corp. will post $1.27 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd were given a $0.075 dividend. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date was Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a yield of 1.98%. Bank of America Corp.’s dividend payout ratio is presently 24.59%.
BAC has been the topic of several analyst reports. Raymond James Financial Inc. reaffirmed an “outperform” rating on shares of Bank of America Corp. in a research report on Friday, June 3rd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $15.00 price target on shares of Bank of America Corp. in a research report on Wednesday, July 20th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Bank of America Corp. in a research report on Saturday, June 4th. Jefferies Group reaffirmed a “buy” rating on shares of Bank of America Corp. in a research report on Sunday, July 10th. Finally, Vetr raised shares of Bank of America Corp. from a “buy” rating to a “strong-buy” rating and set a $17.64 price target on the stock in a research report on Monday. Nine investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $24.82.
In related news, Director Thomas D. Woods bought 25,000 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was bought at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the transaction, the director now directly owns 32,459 shares in the company, valued at $458,645.67. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.18% of the stock is currently owned by company insiders.
About Bank of America Corp.
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.
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