DekaBank Deutsche Girozentrale grew its holdings in shares of Bank of America Corp (NYSE:BAC) by 31.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,016,468 shares of the financial services provider’s stock after purchasing an additional 963,694 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Bank of America were worth $114,544,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. CNB Bank raised its stake in shares of Bank of America by 188.4% during the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after buying an additional 620 shares during the last quarter. Paragon Capital Management LLC purchased a new position in shares of Bank of America during the 1st quarter valued at about $33,000. Camarda Financial Advisors LLC raised its stake in shares of Bank of America by 167.2% during the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,067 shares during the last quarter. Nalls Sherbakoff Group LLC purchased a new position in shares of Bank of America during the 4th quarter valued at about $48,000. Finally, First Financial Corp IN grew its position in shares of Bank of America by 77.9% during the 1st quarter. First Financial Corp IN now owns 2,283 shares of the financial services provider’s stock valued at $63,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 69.50% of the company’s stock.
BAC stock opened at $27.72 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.49. The firm has a market cap of $263.70 billion, a PE ratio of 10.62, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54. The business has a 50-day moving average price of $29.23.
Bank of America announced that its board has initiated a stock buyback program on Thursday, June 27th that permits the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.60%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, September 5th. Bank of America’s payout ratio is presently 22.99%.
A number of research firms have recently commented on BAC. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Jefferies Financial Group cut Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price on the stock. in a research report on Wednesday, April 17th. Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research report on Wednesday, July 10th. Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price on the stock. in a research report on Tuesday, April 30th. Finally, Berenberg Bank set a $30.00 target price on Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $32.89.
About Bank of America
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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