Peddock Capital Advisors LLC Has $1.92 Million Stock Holdings in Bank of America Corp (NYSE:BAC)
Peddock Capital Advisors LLC cut its position in Bank of America Corp (NYSE:BAC) by 2.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 66,172 shares of the financial services provider’s stock after selling 1,560 shares during the period. Bank of America comprises about 1.0% of Peddock Capital Advisors LLC’s portfolio, making the stock its 16th largest position. Peddock Capital Advisors LLC’s holdings in Bank of America were worth $1,919,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. CNB Bank increased its stake in Bank of America by 188.4% in the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after buying an additional 620 shares during the last quarter. Paragon Capital Management LLC acquired a new stake in Bank of America in the 1st quarter valued at $33,000. Camarda Financial Advisors LLC increased its stake in Bank of America by 167.2% in the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,067 shares during the last quarter. Nalls Sherbakoff Group LLC acquired a new stake in Bank of America in the 4th quarter valued at $48,000. Finally, First Financial Corp IN increased its stake in Bank of America by 77.9% in the 1st quarter. First Financial Corp IN now owns 2,283 shares of the financial services provider’s stock valued at $63,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 68.50% of the company’s stock.
NYSE BAC traded up $0.30 during trading on Thursday, reaching $27.23. The company’s stock had a trading volume of 1,968,835 shares, compared to its average volume of 62,043,188. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $253.84 billion, a price-to-earnings ratio of 10.44, a price-to-earnings-growth ratio of 1.07 and a beta of 1.54. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.49. The firm has a 50 day moving average price of $28.94 and a 200 day moving average price of $28.83.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.64%. This is an increase from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is currently 22.99%.
Bank of America announced that its board has initiated a share buyback plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
A number of research analysts have recently commented on BAC shares. Zacks Investment Research downgraded shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research report on Wednesday, July 10th. Wells Fargo & Co set a $34.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research report on Friday, August 16th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a research report on Monday, June 17th. Berenberg Bank set a $30.00 price objective on shares of Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. Finally, Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $32.00 to $36.00 in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $32.75.
About Bank of America
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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