First Dallas Securities Inc. Has $2.70 Million Holdings in Bank of America Corp (NYSE:BAC)
First Dallas Securities Inc. lowered its position in Bank of America Corp (NYSE:BAC) by 5.0% in the first quarter, HoldingsChannel.com reports. The fund owned 97,912 shares of the financial services provider’s stock after selling 5,104 shares during the quarter. Bank of America accounts for about 1.9% of First Dallas Securities Inc.’s portfolio, making the stock its 15th largest position. First Dallas Securities Inc.’s holdings in Bank of America were worth $2,701,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. CNB Bank boosted its holdings in Bank of America by 188.4% in the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after buying an additional 620 shares during the last quarter. Cranbrook Wealth Management LLC boosted its holdings in Bank of America by 86.1% in the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock worth $27,000 after buying an additional 500 shares during the last quarter. Karp Capital Management Corp acquired a new stake in Bank of America in the 4th quarter worth about $31,000. Paragon Capital Management LLC acquired a new stake in Bank of America in the 1st quarter worth about $33,000. Finally, Semmax Financial Advisors Inc. acquired a new stake in Bank of America in the 4th quarter worth about $34,000. Institutional investors and hedge funds own 68.19% of the company’s stock.
A number of research analysts have weighed in on BAC shares. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research note on Tuesday, March 12th. Jefferies Financial Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price on the stock. in a research note on Wednesday, April 17th. HSBC started coverage on shares of Bank of America in a research note on Thursday, April 4th. They issued a “hold” rating and a $29.00 target price on the stock. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. Finally, BMO Capital Markets raised their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. Bank of America currently has an average rating of “Hold” and a consensus price target of $32.98.
Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.05. The business had revenue of $23 billion for the quarter, compared to analyst estimates of $23.24 billion. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The business’s revenue was down .4% on a year-over-year basis. During the same period last year, the company posted $0.62 EPS. Sell-side analysts forecast that Bank of America Corp will post 2.85 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, June 6th. Bank of America’s payout ratio is presently 22.99%.
In other news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the sale, the insider now owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.17% of the stock is currently owned by insiders.
Bank of America Company 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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