Bank of America Corporation (BAC) Shares Sold by Bp Plc
Bp Plc reduced its position in Bank of America Corporation (NYSE:BAC) by 13.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,160,000 shares of the financial services provider’s stock after selling 185,000 shares during the period. Bank of America Corporation comprises approximately 1.0% of Bp Plc’s portfolio, making the stock its 17th largest position. Bp Plc’s holdings in Bank of America Corporation were worth $27,364,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the company. Armbruster Capital Management Inc. boosted its stake in shares of Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares in the last quarter. Pinnacle Bank acquired a new stake in shares of Bank of America Corporation during the first quarter valued at approximately $122,000. Cohen Capital Management Inc. acquired a new stake in shares of Bank of America Corporation during the first quarter valued at approximately $145,000. Grisanti Capital Management LLC acquired a new stake in shares of Bank of America Corporation during the first quarter valued at approximately $153,000. Finally, Scout Investments Inc. acquired a new stake in shares of Bank of America Corporation during the first quarter valued at approximately $178,000. 66.04% of the stock is owned by institutional investors.
Bank of America Corporation (NYSE:BAC) traded up 1.00% during mid-day trading on Friday, reaching $24.13. 26,667,751 shares of the company’s stock traded hands. The stock has a market cap of $253.76 billion, a P/E ratio of 14.37 and a beta of 1.27. The company has a 50 day moving average price of $24.12 and a 200-day moving average price of $23.87. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter last year, the firm posted $0.41 EPS. Bank of America Corporation’s revenue was up 7.1% compared to the same quarter last year. On average, analysts anticipate that Bank of America Corporation will post $1.81 EPS for the current year.
Bank of America Corporation declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 30th. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 2.01%. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.
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Several equities research analysts have recently commented on BAC shares. Buckingham Research reiterated a “buy” rating and set a $30.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a research report on Monday, July 10th. Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. BidaskClub upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Finally, Credit Suisse Group reiterated a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have given a buy rating and three have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $24.47.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now directly owns 50,000 shares in the company, valued at approximately $1,208,000. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.18% of the stock is currently owned by company insiders.
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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