Bank of America Corporation (BAC) Stake Increased by Gamble Jones Investment Counsel
Gamble Jones Investment Counsel increased its position in shares of Bank of America Corporation (NYSE:BAC) by 2.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,340 shares of the financial services provider’s stock after purchasing an additional 591 shares during the period. Gamble Jones Investment Counsel’s holdings in Bank of America Corporation were worth $663,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America Corporation during the 2nd quarter valued at $100,000. Armbruster Capital Management Inc. raised its position in shares of Bank of America Corporation by 10.8% during the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 423 shares during the period. Tarbox Family Office Inc. raised its position in shares of Bank of America Corporation by 0.4% during the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 21 shares during the period. Lenox Wealth Advisors Inc. bought a new stake in shares of Bank of America Corporation during the 2nd quarter valued at $144,000. Finally, Jacobi Capital Management LLC raised its position in shares of Bank of America Corporation by 21.0% during the 1st quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 1,101 shares during the period. Hedge funds and other institutional investors own 61.64% of the company’s stock.
Shares of Bank of America Corporation (NYSE BAC) opened at 25.71 on Thursday. The company’s 50-day moving average is $24.28 and its 200-day moving average is $23.80. Bank of America Corporation has a one year low of $15.60 and a one year high of $25.95. The company has a market cap of $270.38 billion, a price-to-earnings ratio of 15.31 and a beta of 1.25.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same quarter last year, the firm posted $0.41 earnings per share. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities analysts predict that Bank of America Corporation will post $1.81 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were issued a $0.12 dividend. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.87%. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.
Bank of America Corporation announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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Several brokerages have recently commented on BAC. Robert W. Baird restated a “hold” rating and set a $24.00 price objective on shares of Bank of America Corporation in a research report on Sunday. Vetr cut shares of Bank of America Corporation from a “hold” rating to a “sell” rating and set a $25.08 target price for the company. in a research note on Wednesday. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Deutsche Bank AG reaffirmed a “hold” rating and set a $25.00 target price (up from $23.00) on shares of Bank of America Corporation in a research note on Tuesday, September 26th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $28.00 target price on shares of Bank of America Corporation in a research note on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $24.80.
In related news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a filing with the SEC, which can be accessed 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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