Westpac Banking Corp lifted its position in shares of Bank of America Corp (NYSE:BAC) by 6.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,279,477 shares of the financial services provider’s stock after buying an additional 80,640 shares during the quarter. Westpac Banking Corp’s holdings in Bank of America were worth $37,105,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd lifted its position in Bank of America by 51.4% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,968,809 shares of the financial services provider’s stock valued at $48,511,000 after buying an additional 668,809 shares in the last quarter. M Holdings Securities Inc. lifted its position in Bank of America by 22.0% during the first quarter. M Holdings Securities Inc. now owns 113,968 shares of the financial services provider’s stock valued at $3,144,000 after buying an additional 20,587 shares in the last quarter. St. Johns Investment Management Company LLC lifted its position in Bank of America by 2.4% during the first quarter. St. Johns Investment Management Company LLC now owns 105,357 shares of the financial services provider’s stock valued at $2,907,000 after buying an additional 2,466 shares in the last quarter. Hodges Capital Management Inc. lifted its position in Bank of America by 2.9% during the first quarter. Hodges Capital Management Inc. now owns 210,844 shares of the financial services provider’s stock valued at $5,817,000 after buying an additional 5,886 shares in the last quarter. Finally, Legacy Capital Partners Inc. lifted its position in Bank of America by 0.8% during the second quarter. Legacy Capital Partners Inc. now owns 91,522 shares of the financial services provider’s stock valued at $2,654,000 after buying an additional 723 shares in the last quarter. Institutional investors and hedge funds own 69.50% of the company’s stock.

Shares of NYSE BAC traded up $0.09 during trading on Tuesday, reaching $27.73. 61,215,198 shares of the stock were exchanged, compared to its average volume of 56,724,904. The business’s 50-day moving average price is $29.24. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.49. 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 $263.70 billion, a P/E ratio of 10.62, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same period in the previous year, the company posted $0.63 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corp will post 2.83 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is 22.99%.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

BAC has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price target on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $32.00 to $36.00 in a research report on Friday, July 26th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research report on Wednesday, July 10th. Jefferies Financial Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research report on Wednesday, April 17th. Finally, Atlantic Securities cut shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target on the stock. in a research report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $32.89.

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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