Whitebox Advisors LLC boosted its position in shares of Bank of America Corp. (NYSE:BAC) by 105.0% during the second quarter, Holdings Channel reports. The firm owned 120,200 shares of the financial services provider’s stock after buying an additional 2,528,800 shares during the period. Whitebox Advisors LLC’s holdings in Bank of America Corp. were worth $1,595,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. BNP Paribas Arbitrage SA boosted its stake in Bank of America Corp. by 1.7% in the second quarter. BNP Paribas Arbitrage SA now owns 15,262,838 shares of the financial services provider’s stock worth $202,537,000 after buying an additional 253,338 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in Bank of America Corp. during the first quarter valued at about $63,055,000. Seaward Management Limited Partnership raised its stake in Bank of America Corp. by 0.4% in the second quarter. Seaward Management Limited Partnership now owns 1,902,169 shares of the financial services provider’s stock valued at $25,241,000 after buying an additional 7,429 shares in the last quarter. Legal & General Group Plc raised its stake in Bank of America Corp. by 2.2% in the first quarter. Legal & General Group Plc now owns 48,567,933 shares of the financial services provider’s stock valued at $656,688,000 after buying an additional 1,066,593 shares in the last quarter. Finally, Mutual of Omaha Bank Wealth Management raised its stake in Bank of America Corp. by 7.1% in the second quarter. Mutual of Omaha Bank Wealth Management now owns 80,325 shares of the financial services provider’s stock valued at $1,369,000 after buying an additional 5,325 shares in the last quarter. Institutional investors own 60.68% of the company’s stock.
Shares of Bank of America Corp. (NYSE:BAC) traded down 0.13% during mid-day trading on Monday, reaching $15.63. The company’s stock had a trading volume of 69,873,051 shares. The stock has a 50 day moving average of $15.56 and a 200-day moving average of $14.42. The stock has a market cap of $164.37 billion, a P/E ratio of 13.10 and a beta of 1.50. Bank of America Corp. has a one year low of $10.99 and a one year high of $18.09.
Bank of America Corp. (NYSE:BAC) last issued its earnings results on Monday, July 18th. The financial services provider reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The firm 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 company’s revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 earnings per share. On average, equities research analysts expect that Bank of America Corp. will post $1.26 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Investors of record on Friday, September 2nd were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.92%. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05. Bank of America Corp.’s payout ratio is presently 24.59%.
Several analysts have issued reports on the company. Credit Suisse Group AG reissued an “outperform” rating and set a $18.00 price target on shares of Bank of America Corp. in a report on Thursday, July 7th. Goldman Sachs Group Inc. reissued a “buy” rating and set a $19.00 price target (up previously from $17.00) on shares of Bank of America Corp. in a report on Friday, September 16th. Royal Bank Of Canada reissued a “buy” rating on shares of Bank of America Corp. in a report on Saturday, July 9th. Vetr raised Bank of America Corp. from a “hold” rating to a “buy” rating and set a $16.56 price target for the company in a report on Monday, August 29th. Finally, Sanford C. Bernstein reissued a “buy” rating on shares of Bank of America Corp. in a report on Monday, June 20th. Nine research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $24.82.
In other news, Director Thomas D. Woods bought 25,000 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was purchased at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the completion of the purchase, the director now owns 32,459 shares in the company, valued at approximately $458,645.67. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.18% of the company’s stock.
Bank of America Corp. Company Profile
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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