MRJ Capital Inc. Increases Stake in Bank of America Corp (BAC)
MRJ Capital Inc. grew its holdings in Bank of America Corp (NYSE:BAC) by 9.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 112,375 shares of the financial services provider’s stock after buying an additional 9,278 shares during the period. MRJ Capital Inc.’s holdings in Bank of America were worth $3,167,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in BAC. McKinley Carter Wealth Services Inc. acquired a new position in shares of Bank of America during the first quarter worth about $105,000. Ballew Advisors Inc acquired a new position in shares of Bank of America during the first quarter worth about $129,000. Well Done LLC acquired a new position in shares of Bank of America during the first quarter worth about $136,000. Avestar Capital LLC acquired a new position in shares of Bank of America during the fourth quarter worth about $135,000. Finally, WealthTrust Fairport LLC acquired a new position in shares of Bank of America during the first quarter worth about $141,000. 66.91% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on BAC. Citigroup boosted their price target on shares of Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 24th. ValuEngine lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Wednesday, April 18th. Barclays boosted their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 17th. Jefferies Financial Group restated a “buy” rating and set a $34.00 target price on shares of Bank of America in a research report on Tuesday, April 17th. Finally, Vetr lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 target price on the stock. in a research report on Tuesday, April 17th. Nine equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $32.37.
Shares of Bank of America opened at $31.19 on Friday, according to Marketbeat.com. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. Bank of America Corp has a twelve month low of $22.75 and a twelve month high of $33.05. The stock has a market cap of $323.70 billion, a price-to-earnings ratio of 17.04, a P/E/G ratio of 1.56 and a beta of 1.29.
Bank of America (NYSE:BAC) last issued its earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The company had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. During the same period in the prior year, the business posted $0.46 earnings per share. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. equities analysts anticipate that Bank of America Corp will post 2.53 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be given a $0.15 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 1.92%. Bank of America’s dividend payout ratio is currently 26.23%.
Bank of America announced that its board has approved a stock repurchase plan on Thursday, June 28th that allows the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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