Bank of America Corporation (BAC) Position Increased by Signaturefd LLC
Signaturefd LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 5.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,449 shares of the financial services provider’s stock after buying an additional 2,014 shares during the period. Signaturefd LLC’s holdings in Bank of America Corporation were worth $883,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sii Investments Inc. WI boosted its position in Bank of America Corporation by 7.6% in the first quarter. Sii Investments Inc. WI now owns 60,830 shares of the financial services provider’s stock worth $1,437,000 after buying an additional 4,309 shares during the last quarter. Fort Point Capital Partners LLC bought a new position in Bank of America Corporation during the first quarter worth approximately $237,000. Nippon Life Global Investors Americas Inc. boosted its position in Bank of America Corporation by 7.2% in the first quarter. Nippon Life Global Investors Americas Inc. now owns 1,288,440 shares of the financial services provider’s stock worth $30,395,000 after buying an additional 86,050 shares during the last quarter. Logan Capital Management Inc. boosted its position in Bank of America Corporation by 0.4% in the first quarter. Logan Capital Management Inc. now owns 14,632 shares of the financial services provider’s stock worth $345,000 after buying an additional 61 shares during the last quarter. Finally, Bronson Point Management LLC bought a new position in Bank of America Corporation during the first quarter worth approximately $1,769,000. 66.42% of the stock is currently owned by institutional investors.
Shares of Bank of America Corporation (BAC) traded down 1.08% during trading on Friday, hitting $23.86. 68,157,429 shares of the stock were exchanged. The stock’s 50 day moving average price is $24.25 and its 200 day moving average price is $23.78. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80. The stock has a market cap of $250.92 billion, a PE ratio of 14.21 and a beta of 1.27.
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, topping the Thomson Reuters’ 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 business had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter last year, the company earned $0.41 EPS. Bank of America Corporation’s revenue was up 7.1% on a year-over-year basis. Equities research analysts predict that Bank of America Corporation will post $1.82 EPS for the current year.
Bank of America Corporation announced that its board has authorized a share buyback plan on Wednesday, June 28th that allows the company to buyback $12.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.01%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is currently 17.86%.
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A number of research analysts have commented on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research report on Friday. Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a research report on Wednesday. They issued an “outperform” rating and a $30.00 target price on the stock. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Instinet reaffirmed a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $23.94.
In related news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on 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 completion of the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.18% of the company’s stock.
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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