Deltec Asset Management LLC Has $1.81 Million Stake in Bank of America Corporation (BAC)
Deltec Asset Management LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 29.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,400 shares of the financial services provider’s stock after buying an additional 17,000 shares during the period. Deltec Asset Management LLC’s holdings in Bank of America Corporation were worth $1,805,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. Northwest Investment Counselors LLC bought a new stake in Bank of America Corporation during the second quarter valued at approximately $100,000. Armbruster Capital Management Inc. raised its stake in Bank of America Corporation by 10.8% in the first 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 during the period. 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 period. Pinnacle Bank bought a new stake in Bank of America Corporation during the first quarter valued at approximately $122,000. Finally, Lenox Wealth Advisors Inc. bought a new stake in Bank of America Corporation during the second quarter valued at approximately $144,000. 66.04% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Corporation (BAC) traded up 2.110% during midday trading on Wednesday, reaching $23.955. The company’s stock had a trading volume of 28,846,856 shares. Bank of America Corporation has a 52 week low of $14.81 and a 52 week high of $25.80. The firm’s 50-day moving average price is $24.22 and its 200-day moving average price is $23.84. The stock has a market capitalization of $251.92 billion, a PE ratio of 14.267 and a beta of 1.27.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the business earned $0.41 EPS. Bank of America Corporation’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, analysts anticipate that Bank of America Corporation will post $1.81 earnings per share for the current year.
Bank of America Corporation announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Wednesday, August 30th. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is presently 17.86%.
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Several brokerages have commented on BAC. Vetr raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a report on Wednesday. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a report on Friday, August 11th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Finally, Wells Fargo & Co began coverage on Bank of America Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company. Bank of America Corporation presently has an average rating of “Buy” and a consensus price target of $24.27.
In related news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction 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 completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.18% of the stock is currently owned by insiders.
About Bank of America Corporation
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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