Kovitz Investment Group Partners LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 0.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,080,200 shares of the financial services provider’s stock after acquiring an additional 14,430 shares during the quarter. Bank of America Corporation accounts for 4.0% of Kovitz Investment Group Partners LLC’s portfolio, making the stock its 6th largest holding. Kovitz Investment Group Partners LLC’s holdings in Bank of America Corporation were worth $72,662,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Armbruster Capital Management Inc. boosted its position in shares of Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 423 shares during the period. Cohen Capital Management Inc. bought a new stake in shares of Bank of America Corporation in the first quarter valued at approximately $145,000. Grisanti Capital Management LLC bought a new stake in shares of Bank of America Corporation in the first quarter valued at approximately $153,000. Sonata Capital Group Inc. bought a new stake in shares of Bank of America Corporation in the first quarter valued at approximately $203,000. Finally, Headinvest LLC bought a new stake in shares of Bank of America Corporation in the first quarter valued at approximately $204,000. 61.66% of the stock is owned by institutional investors.
Several research firms have recently weighed in on BAC. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. CIBC reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Oppenheimer Holdings, Inc. reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Buckingham Research reissued a “buy” rating and issued a $30.00 price objective (up from $27.00) on shares of Bank of America Corporation in a research report on Monday, July 10th. Finally, Jefferies Group LLC reissued a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-three have given a buy rating and three have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $24.47.
In other news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the transaction, the director now owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is currently owned by corporate insiders.
Bank of America Corporation (NYSE BAC) traded up 2.70% during trading on Tuesday, hitting $23.99. The stock had a trading volume of 55,655,073 shares. The stock has a 50 day moving average of $24.01 and a 200 day moving average of $23.82. The firm has a market capitalization of $252.29 billion, a P/E ratio of 14.29 and a beta of 1.26. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80.
Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 earnings per share. Equities research analysts expect that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.
Bank of America Corporation declared that its board has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared 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 of this dividend is Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 2.05%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is presently 28.57%.
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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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