AllSquare Wealth Management LLC Purchases 1,571 Shares of Bank of America Corporation (BAC)
AllSquare Wealth Management LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,171 shares of the financial services provider’s stock after buying an additional 1,571 shares during the period. Bank of America Corporation comprises approximately 0.5% of AllSquare Wealth Management LLC’s holdings, making the stock its 29th largest position. AllSquare Wealth Management LLC’s holdings in Bank of America Corporation were worth $523,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Armbruster Capital Management Inc. increased its stake 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 buying an additional 423 shares during the period. Pinnacle Bank bought a new stake in shares of Bank of America Corporation during the first quarter valued at about $122,000. Adirondack Trust Co. increased its stake in shares of Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock valued at $140,000 after buying an additional 519 shares during the period. Cohen Capital Management Inc. bought a new stake in shares of Bank of America Corporation during the first quarter valued at about $145,000. Finally, Grisanti Capital Management LLC bought a new stake in shares of Bank of America Corporation during the first quarter valued at about $153,000. Hedge funds and other institutional investors own 66.04% of the company’s stock.
Shares of Bank of America Corporation (NYSE:BAC) traded up 0.0984% during trading on Thursday, reaching $23.8935. The company’s stock had a trading volume of 20,181,278 shares. The company has a 50 day moving average of $24.22 and a 200 day moving average of $23.84. The company has a market cap of $251.27 billion, a PE ratio of 14.2308 and a beta of 1.27. Bank of America Corporation has a 12-month low of $14.81 and a 12-month high of $25.80.
Bank of America Corporation (NYSE:BAC) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same period last year, the firm earned $0.41 EPS. The company’s quarterly revenue was up 7.1% on a year-over-year basis. On average, analysts anticipate that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.01%. Bank of America Corporation’s dividend payout ratio (DPR) is 17.86%.
Bank of America Corporation declared that its Board of Directors 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 repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
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Several brokerages recently issued reports on BAC. Vetr upgraded Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price target for the company in a report on Wednesday. Instinet reiterated a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a report on Saturday, July 22nd. Wells Fargo & Company began coverage on Bank of America Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target for the company. Buckingham Research reiterated a “buy” rating and set a $30.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Finally, BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $24.27.
In other news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the sale, the director now directly owns 50,000 shares in the company, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.18% of the stock is owned by company insiders.
Bank of America Corporation Company Profile
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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