Legacy Private Trust Co. Buys Shares of 18,772 Bank of America Corporation (BAC)
Legacy Private Trust Co. bought a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 18,772 shares of the financial services provider’s stock, valued at approximately $455,000.
Other hedge funds have also made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new stake in Bank of America Corporation in the 2nd quarter valued at $100,000. Armbruster Capital Management Inc. increased its holdings in Bank of America Corporation by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after acquiring an additional 423 shares in the last quarter. Lenox Wealth Advisors Inc. purchased a new stake in Bank of America Corporation in the 2nd quarter worth $144,000. Jacobi Capital Management LLC increased its holdings in Bank of America Corporation by 21.0% in the 1st quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 1,101 shares in the last quarter. Finally, Grisanti Capital Management LLC purchased a new stake in Bank of America Corporation in the 1st quarter worth $153,000. 61.64% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America Corporation (BAC) traded up 0.74% on Tuesday, hitting $25.81. 32,480,672 shares of the company were exchanged. The firm has a market cap of $271.43 billion, a P/E ratio of 15.37 and a beta of 1.25. The company has a 50-day moving average price of $24.20 and a 200 day moving average price of $23.78. Bank of America Corporation has a 52-week low of $15.60 and a 52-week high of $25.83.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results 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. The business had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Analysts predict that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.87%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date was Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.
Bank of America Corporation announced that its board has approved a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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In other news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the transaction, 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 is accessible through the SEC website. Insiders own 0.18% of the company’s stock.
A number of analysts have recently commented on BAC shares. Vetr raised shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 target price for the company in a research note on Wednesday, August 30th. Instinet reaffirmed a “buy” rating and issued a $27.00 price target on shares of Bank of America Corporation in a research note on Saturday, July 22nd. Wells Fargo & Company started coverage on shares of Bank of America Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price target on the stock. Buckingham Research reiterated a “buy” rating and issued a $30.00 price objective (up from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Finally, Robert W. Baird reiterated a “hold” rating and issued a $24.00 price objective on shares of Bank of America Corporation in a report on Sunday. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $24.90.
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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