Infrastructure Capital Advisors LLC lowered its holdings in Bank of America Corp (NYSE:BAC) by 34.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,700 shares of the financial services provider’s stock after selling 5,049 shares during the quarter. Infrastructure Capital Advisors LLC’s holdings in Bank of America were worth $281,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CNB Bank increased its stake in Bank of America by 188.4% in the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 620 shares in the last quarter. Paragon Capital Management LLC acquired a new stake in Bank of America in the 1st quarter worth about $33,000. Camarda Financial Advisors LLC raised its stake in Bank of America by 167.2% in the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,067 shares in the last quarter. WP Advisors LLC acquired a new stake in Bank of America in the 1st quarter worth about $63,000. Finally, Cascade Investment Advisors Inc. acquired a new stake in Bank of America in the 1st quarter worth about $63,000. 68.61% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have weighed in on BAC. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. Raymond James cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. Morgan Stanley set a $31.00 target price on shares of Bank of America and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the stock. Bank of America presently has an average rating of “Hold” and an average target price of $32.29.
Shares of NYSE:BAC traded down $0.19 during midday trading on Thursday, hitting $29.27. The stock had a trading volume of 31,612,553 shares, compared to its average volume of 56,332,234. The company’s 50-day moving average price is $28.16 and its 200-day moving average price is $28.70. The company has a market capitalization of $266.50 billion, a P/E ratio of 11.21, a price-to-earnings-growth ratio of 1.13 and a beta of 1.57. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.37.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The business had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.63 EPS. Research analysts expect that Bank of America Corp will post 2.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.46%. 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 dividend payout ratio is currently 27.59%.
Bank of America declared that its board has initiated a share buyback program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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