Baldwin Brothers Inc. MA Increases Stake in Bank of America Corporation (BAC)
Baldwin Brothers Inc. MA grew its holdings in Bank of America Corporation (NYSE:BAC) by 1.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 355,689 shares of the financial services provider’s stock after buying an additional 5,287 shares during the quarter. Bank of America Corporation makes up 1.4% of Baldwin Brothers Inc. MA’s portfolio, making the stock its 25th largest position. Baldwin Brothers Inc. MA’s holdings in Bank of America Corporation were worth $8,629,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in BAC. Northwest Investment Counselors LLC bought a new position in Bank of America Corporation during the second quarter worth about $100,000. Armbruster Capital Management Inc. boosted its holdings in Bank of America Corporation by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after buying an additional 423 shares during the last quarter. Lenox Wealth Advisors Inc. bought a new position in Bank of America Corporation during the second quarter worth about $144,000. Jacobi Capital Management LLC boosted its holdings in Bank of America Corporation by 21.0% during the first quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,101 shares during the last quarter. Finally, Grisanti Capital Management LLC bought a new position in Bank of America Corporation during the first quarter worth about $153,000. Institutional investors own 61.63% of the company’s stock.
In other news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.18% of the company’s stock.
Shares of Bank of America Corporation (NYSE:BAC) traded up 0.20% on Thursday, reaching $25.46. The company’s stock had a trading volume of 34,600,199 shares. The company has a market cap of $267.75 billion, a P/E ratio of 15.16 and a beta of 1.26. The company’s 50 day moving average price is $24.04 and its 200 day moving average price is $23.79. Bank of America Corporation has a 12-month low of $14.81 and a 12-month high of $25.80. Bank of America Corporation also was the target of some unusual options trading on Wednesday. Traders acquired 104,135 put options on the stock. This is an increase of 121% compared to the average volume of 47,125 put options.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same period in the previous year, the firm posted $0.41 EPS. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts forecast that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
Bank of America Corporation announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.12 dividend. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s payout ratio is currently 28.57%.
A number of equities analysts have issued reports on the company. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Vetr lowered Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price target on the stock. in a research report on Wednesday, June 28th. UBS AG reaffirmed a “neutral” rating and set a $26.00 price target on shares of Bank of America Corporation in a research report on Friday, July 21st. Finally, Wells Fargo & Company began coverage on Bank of America Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company. Bank of America Corporation currently has a consensus rating of “Buy” and an average price target of $24.90.
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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