Usca Ria LLC Takes $4.69 Million Position in Bank of America Corp (NYSE:BAC)
Usca Ria LLC acquired a new stake in Bank of America Corp (NYSE:BAC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 161,810 shares of the financial services provider’s stock, valued at approximately $4,692,000. Bank of America makes up approximately 1.3% of Usca Ria LLC’s portfolio, making the stock its 23rd largest holding.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Hoylecohen LLC lifted its holdings in shares of Bank of America by 1.6% in the 4th quarter. Hoylecohen LLC now owns 123,447 shares of the financial services provider’s stock worth $3,042,000 after purchasing an additional 1,925 shares during the last quarter. Edge Capital Group LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $1,728,000. Sontag Advisory LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $143,000. Baker Avenue Asset Management LP lifted its holdings in shares of Bank of America by 19.9% in the 4th quarter. Baker Avenue Asset Management LP now owns 8,322 shares of the financial services provider’s stock worth $205,000 after purchasing an additional 1,380 shares during the last quarter. Finally, Miramar Capital LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $260,000. Institutional investors own 69.50% of the company’s stock.
Bank of America stock traded up $0.78 during mid-day trading on Friday, hitting $27.03. 69,385,100 shares of the company’s stock traded hands, compared to its average volume of 60,056,972. The firm has a 50 day moving average price of $29.15 and a 200 day moving average price of $28.87. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The company has a market cap of $244.34 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 1.03 and a beta of 1.54. Bank of America Corp has a one year low of $22.66 and a one year high of $31.49.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This represents a $0.72 annualized dividend and a yield of 2.66%. This is an increase from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is presently 22.99%.
Bank of America announced that its Board of Directors has authorized a stock repurchase plan on Thursday, June 27th that allows the company to buyback $30.90 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several brokerages recently issued reports on BAC. Berenberg Bank set a $30.00 price target on Bank of America and gave the stock a “hold” rating in a report on Monday, June 17th. JPMorgan Chase & Co. cut their price target on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a report on Tuesday, July 9th. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target on the stock. in a report on Tuesday, April 30th. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Finally, Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $32.00 to $36.00 in a report on Friday, July 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. Bank of America presently has a consensus rating of “Hold” and an average price target of $32.89.
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.
Recommended Story: What does it mean to hold a stock in street name?
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.