Proffitt & Goodson Inc. Has $1.59 Million Position in Bank of America Corporation $BAC

Proffitt & Goodson Inc. grew its holdings in Bank of America Corporation (NYSE:BAC) by 2.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,592 shares of the financial services provider’s stock after purchasing an additional 658 shares during the quarter. Proffitt & Goodson Inc.’s holdings in Bank of America were worth $1,590,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Brighton Jones LLC boosted its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. NewSquare Capital LLC boosted its stake in Bank of America by 94.7% in the first quarter. NewSquare Capital LLC now owns 2,605 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 1,267 shares in the last quarter. Tounjian Advisory Partners LLC acquired a new position in Bank of America in the first quarter worth $644,000. Signet Financial Management LLC boosted its stake in Bank of America by 0.6% in the first quarter. Signet Financial Management LLC now owns 124,943 shares of the financial services provider’s stock worth $5,214,000 after purchasing an additional 690 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Bank of America by 8.2% in the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock worth $4,654,000 after purchasing an additional 8,435 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is owned by company insiders.

Bank of America Stock Down 0.3%

Shares of NYSE BAC opened at $50.22 on Wednesday. The stock has a market cap of $371.95 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.96 and a beta of 1.33. The firm has a 50 day moving average price of $49.46 and a 200 day moving average price of $45.39. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.83 earnings per share. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has initiated a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio is presently 32.75%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BAC shares. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. TD Cowen upped their price target on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Seaport Global Securities upped their price target on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, Oppenheimer cut their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 23rd. Twenty investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $53.93.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.