Bronson Point Management LLC Invests $1.77 Million in Bank of America Corporation (NYSE:BAC)

Bronson Point Management LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 75,000 shares of the financial services provider’s stock, valued at approximately $1,769,000.

Several other institutional investors also recently modified their holdings of the stock. Perigon Wealth Management LLC boosted its position in shares of Bank of America Corporation by 769.4% in the fourth quarter. Perigon Wealth Management LLC now owns 144,947 shares of the financial services provider’s stock valued at $3,700,000 after buying an additional 128,275 shares during the period. UBS Asset Management Americas Inc. boosted its position in shares of Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock valued at $933,718,000 after buying an additional 8,595,423 shares during the period. Wealthfront Inc. boosted its position in shares of Bank of America Corporation by 23.2% in the fourth quarter. Wealthfront Inc. now owns 319,116 shares of the financial services provider’s stock valued at $7,052,000 after buying an additional 60,073 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Bank of America Corporation during the fourth quarter valued at about $33,403,000. Finally, Pekin Singer Strauss Asset Management IL boosted its position in shares of Bank of America Corporation by 6.5% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 24,640 shares of the financial services provider’s stock valued at $545,000 after buying an additional 1,500 shares during the period. 66.42% of the stock is owned by institutional investors and hedge funds.

Bank of America Corporation (NYSE:BAC) traded down 1.265% on Thursday, reaching $24.427. The company had a trading volume of 22,342,449 shares. The stock has a market capitalization of $256.89 billion, a PE ratio of 14.549 and a beta of 1.27. Bank of America Corporation has a 52-week low of $14.10 and a 52-week high of $25.80. The stock has a 50 day moving average price of $24.20 and a 200 day moving average price of $23.77.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same quarter in the previous year, the business posted $0.41 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post $1.82 EPS for the current year.

Bank of America Corporation declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.94%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is currently 17.86%.

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Several brokerages have recently issued reports on BAC. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Buckingham Research reissued a “buy” rating and issued a $30.00 price objective (up previously from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Oppenheimer Holdings, Inc. reissued an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. CIBC reissued an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Finally, Jefferies Group LLC reissued a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $23.94.

About Bank of America Corporation

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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