Bank of America Corporation $BAC Shares Purchased by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.5% in the second quarter, HoldingsChannel.com reports. The firm owned 58,263 shares of the financial services provider’s stock after buying an additional 1,410 shares during the period. Parkside Financial Bank & Trust’s holdings in Bank of America were worth $2,757,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Deutsche Bank AG grew its stake in shares of Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Unisphere Establishment boosted its holdings in Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in Bank of America in the 2nd quarter valued at about $164,623,000. Maverick Capital Ltd. purchased a new stake in Bank of America during the first quarter worth about $152,098,000. Finally, AMF Tjanstepension AB lifted its position in shares of Bank of America by 62.9% during the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after purchasing an additional 3,438,876 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.1%

Shares of NYSE:BAC opened at $53.22 on Friday. The company has a market cap of $388.62 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.99 and a beta of 1.34. The firm’s 50-day simple moving average is $51.33 and its 200-day simple moving average is $47.51. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.99. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Robert W. Baird boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. UBS Group lifted their target price on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Morgan Stanley lifted their price objective on Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Bank of America in a research report on Thursday. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.