Woodley Farra Manion Portfolio Management Inc. Invests $202,000 in Bank of America Corporation $BAC

Woodley Farra Manion Portfolio Management Inc. purchased a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, Holdings Channel reports. The institutional investor purchased 4,260 shares of the financial services provider’s stock, valued at approximately $202,000.

Several other hedge funds also recently made changes to their positions in BAC. WealthTrust Asset Management LLC bought a new stake in Bank of America during the second quarter worth approximately $1,223,000. Fusion Capital LLC lifted its position in shares of Bank of America by 1.5% during the 2nd quarter. Fusion Capital LLC now owns 185,479 shares of the financial services provider’s stock valued at $8,777,000 after acquiring an additional 2,721 shares during the last quarter. CWS Financial Advisors LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $220,000. Flaharty Asset Management LLC lifted its holdings in shares of Bank of America by 6.5% during the second quarter. Flaharty Asset Management LLC now owns 10,943 shares of the financial services provider’s stock valued at $518,000 after purchasing an additional 667 shares during the last quarter. Finally, Advisory Resource Group acquired a new position in shares of Bank of America in the 2nd quarter valued at $458,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.6%

NYSE:BAC opened at $52.57 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $383.88 billion, a P/E ratio of 14.32, a P/E/G ratio of 1.99 and a beta of 1.34. The stock’s 50 day moving average price is $51.63 and its 200 day moving average price is $47.99. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 earnings per share. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BAC. Citigroup boosted their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Daiwa Capital Markets raised their target price on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Oppenheimer upped their price target on Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Barclays raised their price objective on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, The Goldman Sachs Group dropped their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

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