Harbour Trust & Investment Management Co Invests $249,000 in Bank of America Corporation $BAC

Harbour Trust & Investment Management Co purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,262 shares of the financial services provider’s stock, valued at approximately $249,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. RFG Advisory LLC boosted its position in shares of Bank of America by 119.7% during the second quarter. RFG Advisory LLC now owns 35,408 shares of the financial services provider’s stock worth $1,676,000 after buying an additional 19,291 shares during the period. Perfromance Wealth Partners LLC boosted its position in shares of Bank of America by 67.8% during the second quarter. Perfromance Wealth Partners LLC now owns 29,744 shares of the financial services provider’s stock worth $1,408,000 after buying an additional 12,020 shares during the period. Naviter Wealth LLC boosted its holdings in Bank of America by 1.8% in the second quarter. Naviter Wealth LLC now owns 80,957 shares of the financial services provider’s stock valued at $3,831,000 after purchasing an additional 1,429 shares during the period. Axxcess Wealth Management LLC boosted its holdings in Bank of America by 2.2% in the second quarter. Axxcess Wealth Management LLC now owns 210,411 shares of the financial services provider’s stock valued at $9,957,000 after purchasing an additional 4,475 shares during the period. Finally, Jag Capital Management LLC boosted its holdings in Bank of America by 12.8% in the second quarter. Jag Capital Management LLC now owns 9,006 shares of the financial services provider’s stock valued at $426,000 after purchasing an additional 1,021 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.4%

Shares of NYSE BAC opened at $48.86 on Tuesday. The company has a market capitalization of $361.93 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The business has a 50-day moving average of $49.67 and a two-hundred day moving average of $45.59. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.83 EPS. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a share buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s payout ratio is presently 32.75%.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent research reports. Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a report on Saturday. Oppenheimer decreased their target price on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Seaport Global Securities lifted their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Finally, Wells Fargo & Company lifted their target price on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $54.64.

Bank of America 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.