SignalPoint Asset Management LLC Sells 2,404 Shares of Bank of America Corporation (NYSE:BAC)
SignalPoint Asset Management LLC lowered its position in Bank of America Corporation (NYSE:BAC) by 4.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 53,153 shares of the financial services provider’s stock after selling 2,404 shares during the period. SignalPoint Asset Management LLC’s holdings in Bank of America Corporation were worth $1,254,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in BAC. Telemark Asset Management LLC bought a new stake in shares of Bank of America Corporation during the fourth quarter worth $8,840,000. Sanoor Capital Management LP bought a new stake in shares of Bank of America Corporation during the fourth quarter worth $12,807,000. Lansdowne Partners UK LLP boosted its stake in shares of Bank of America Corporation by 38,029.0% in the fourth quarter. Lansdowne Partners UK LLP now owns 30,503,227 shares of the financial services provider’s stock worth $674,141,000 after buying an additional 30,423,227 shares during the last quarter. EagleClaw Capital Managment LLC boosted its stake in shares of Bank of America Corporation by 2.3% in the fourth quarter. EagleClaw Capital Managment LLC now owns 63,400 shares of the financial services provider’s stock worth $1,398,000 after buying an additional 1,400 shares during the last quarter. Finally, Brown Advisory Inc. boosted its stake in shares of Bank of America Corporation by 32.9% in the fourth quarter. Brown Advisory Inc. now owns 4,390,016 shares of the financial services provider’s stock worth $97,021,000 after buying an additional 1,087,616 shares during the last quarter. Institutional investors and hedge funds own 66.27% of the company’s stock.
Shares of Bank of America Corporation (NYSE:BAC) traded down 0.89% during trading on Thursday, reaching $24.37. 53,138,844 shares of the company traded hands. The stock has a market capitalization of $30.72 billion, a PE ratio of 16.25 and a beta of 1.27. Bank of America Corporation has a 12-month low of $14.10 and a 12-month high of $25.80. The firm’s 50-day moving average is $24.01 and its 200-day moving average is $23.69.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 EPS. On average, equities analysts predict that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.
Bank of America Corporation announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.97%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.
Several analysts recently commented on BAC shares. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Bank of America Corporation in a research report on Thursday, April 6th. Vining Sparks upgraded Bank of America Corporation to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Wednesday, April 19th. Nomura reaffirmed a “buy” rating on shares of Bank of America Corporation in a research note on Wednesday, April 19th. Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a research note on Sunday, June 4th. Finally, Berenberg Bank lowered Bank of America Corporation from a “buy” rating to a “hold” rating and increased their price target for the company from $15.00 to $22.00 in a research note on Monday, April 24th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $23.74.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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