Bank of America Corporation (BAC) Stake Maintained by C.V. Starr & Co. Inc. Trust
C.V. Starr & Co. Inc. Trust continued to hold its position in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 96,726 shares of the financial services provider’s stock at the close of the 2nd quarter. Bank of America Corporation makes up approximately 1.0% of C.V. Starr & Co. Inc. Trust’s portfolio, making the stock its 28th biggest position. C.V. Starr & Co. Inc. Trust’s holdings in Bank of America Corporation were worth $2,347,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC purchased a new position in Bank of America Corporation during the 2nd quarter worth $100,000. Armbruster Capital Management Inc. increased its position in 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 buying an additional 423 shares in the last quarter. Tarbox Family Office Inc. raised its stake in Bank of America Corporation by 0.4% in the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after buying an additional 21 shares during the last quarter. Lenox Wealth Advisors Inc. purchased a new stake in Bank of America Corporation in the second quarter valued at about $144,000. Finally, Jacobi Capital Management LLC raised its stake in Bank of America Corporation by 21.0% in the first quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock valued at $147,000 after buying an additional 1,101 shares during the last quarter. Institutional investors and hedge funds own 61.64% of the company’s stock.
Bank of America Corporation (NYSE:BAC) opened at 25.86 on Wednesday. Bank of America Corporation has a one year low of $15.60 and a one year high of $25.93. The firm’s 50 day moving average price is $24.24 and its 200-day moving average price is $23.79. The firm has a market cap of $271.96 billion, a PE ratio of 15.40 and a beta of 1.25.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 EPS. Equities analysts predict that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
Bank of America Corporation announced that its board has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were paid a $0.12 dividend. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date was Wednesday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.86%. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.
Several equities research analysts have weighed in on BAC shares. Vetr raised 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, August 30th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. Jefferies Group LLC restated a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. Royal Bank Of Canada restated a “buy” rating and set a $26.00 price objective on shares of Bank of America Corporation in a report on Thursday, July 20th. Finally, Keefe, Bruyette & Woods reaffirmed an “overweight” rating on shares of Bank of America Corporation in a research report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $24.90.
In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.18% of the stock is owned by company insiders.
Bank of America Corporation 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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