Bank of America Co. (NYSE:BAC) Shares Purchased by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC raised its position in Bank of America Co. (NYSE:BACGet Rating) by 1.7% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 53,776 shares of the financial services provider’s stock after buying an additional 916 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Bank of America were worth $1,674,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Bromfield Sneider Wealth Advisors acquired a new stake in Bank of America in the first quarter valued at $26,000. Corbenic Partners LLC grew its position in Bank of America by 201.9% during the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock worth $26,000 after buying an additional 422 shares during the period. Oliver Lagore Vanvalin Investment Group purchased a new position in Bank of America in the first quarter valued at about $26,000. Bivin & Associates Inc. acquired a new stake in shares of Bank of America during the 4th quarter valued at approximately $28,000. Finally, Capital Management Associates NY purchased a new stake in shares of Bank of America during the 1st quarter worth approximately $31,000. Hedge funds and other institutional investors own 68.48% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $32.50 on Friday. The stock has a market capitalization of $261.15 billion, a PE ratio of 10.16, a P/E/G ratio of 1.48 and a beta of 1.37. The stock has a 50-day simple moving average of $34.13 and a 200 day simple moving average of $35.84. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.74 and a current ratio of 0.74. Bank of America Co. has a twelve month low of $29.67 and a twelve month high of $50.11.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be paid a $0.22 dividend. The ex-dividend date is Thursday, September 1st. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 2.71%. Bank of America’s dividend payout ratio is presently 27.50%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Royal Bank of Canada decreased their target price on Bank of America from $45.00 to $40.00 in a research report on Tuesday, July 19th. Jefferies Financial Group dropped their target price on shares of Bank of America from $43.00 to $33.00 in a report on Monday, July 11th. Morgan Stanley reduced their price target on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 12th. Credit Suisse Group dropped their price objective on shares of Bank of America from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, July 19th. Finally, Citigroup decreased their target price on shares of Bank of America from $47.00 to $40.00 in a research report on Tuesday, July 12th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $46.58.

Bank of America Company 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.

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

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