Bank of America Co. (NYSE:BAC) Stock Position Increased by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC lifted its position in Bank of America Co. (NYSE:BACGet Rating) by 38.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 59,918 shares of the financial services provider’s stock after buying an additional 16,485 shares during the period. Flagship Harbor Advisors LLC’s holdings in Bank of America were worth $1,865,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bromfield Sneider Wealth Advisors acquired a new position in shares of Bank of America in the 1st quarter worth $26,000. Corbenic Partners LLC grew its holdings in shares of Bank of America by 201.9% in the 1st quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 422 shares during the last quarter. Bivin & Associates Inc. acquired a new position in shares of Bank of America in the 4th quarter worth $28,000. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Bank of America in the 1st quarter worth $26,000. Finally, Capital Management Associates NY acquired a new position in shares of Bank of America in the 1st quarter worth $31,000. Institutional investors own 68.48% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $33.15 on Thursday. Bank of America Co. has a fifty-two week low of $29.67 and a fifty-two week high of $50.11. The business has a 50-day moving average of $34.08 and a two-hundred day moving average of $35.88. The stock has a market capitalization of $266.37 billion, a P/E ratio of 10.36, a P/E/G ratio of 1.53 and a beta of 1.37. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74.

Bank of America (NYSE:BACGet Rating) last announced its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The company had revenue of $22.69 billion during the quarter, compared to analyst estimates of $22.79 billion. During the same period in the prior year, the firm earned $1.03 EPS. Bank of America’s quarterly revenue was up 5.7% on a year-over-year basis. On average, equities research analysts predict that Bank of America Co. will post 3.2 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.65%. This is a boost from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s payout ratio is currently 27.50%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Royal Bank of Canada decreased their target price on Bank of America from $45.00 to $40.00 in a report on Tuesday, July 19th. Barclays lowered their price target on Bank of America from $58.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft lowered their price target on Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, September 12th. Societe Generale upgraded Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price target on the stock in a report on Monday, July 11th. Finally, Wells Fargo & Company lowered their price target on Bank of America from $66.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, July 1st. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.58.

Bank of America Profile

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

Read More

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.