Horrell Capital Management Inc. Has $33,000 Holdings in Bank of America Corporation $BAC

Horrell Capital Management Inc. decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 97.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 690 shares of the financial services provider’s stock after selling 26,830 shares during the period. Horrell Capital Management Inc.’s holdings in Bank of America were worth $33,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Quaker Wealth Management LLC raised its position in Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the last quarter. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter valued at about $28,000. CGC Financial Services LLC lifted its position in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC bought a new stake in Bank of America during the 2nd quarter worth about $33,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC opened at $54.03 on Thursday. The stock has a market cap of $394.57 billion, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The stock’s 50-day moving average price is $51.52 and its two-hundred day moving average price is $47.87. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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 net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period last year, the firm posted $0.81 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BAC. Barclays upped their target price on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Morgan Stanley increased their price objective on Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Daiwa Capital Markets lifted their target price on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.