Meeder Asset Management Inc. Has $10.07 Million Holdings in Bank of America Corporation (BAC)
Meeder Asset Management Inc. lessened its holdings in Bank of America Corporation (NYSE:BAC) by 14.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 415,253 shares of the financial services provider’s stock after selling 70,975 shares during the quarter. Bank of America Corporation accounts for approximately 1.0% of Meeder Asset Management Inc.’s holdings, making the stock its 15th biggest holding. Meeder Asset Management Inc.’s holdings in Bank of America Corporation were worth $10,073,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in BAC. Investec Asset Management LTD increased its holdings in Bank of America Corporation by 163.4% in the 1st quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock valued at $248,655,000 after buying an additional 6,538,908 shares during the period. Karp Capital Management Corp bought a new stake in Bank of America Corporation in the 1st quarter valued at $91,522,000. Artisan Partners Limited Partnership increased its holdings in Bank of America Corporation by 56.2% in the 1st quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock valued at $246,799,000 after buying an additional 3,764,582 shares during the period. Old Mutual Global Investors UK Ltd. increased its holdings in Bank of America Corporation by 98.4% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 7,352,057 shares of the financial services provider’s stock valued at $173,435,000 after buying an additional 3,647,032 shares during the period. Finally, Hexavest Inc. bought a new stake in Bank of America Corporation in the 2nd quarter valued at $63,918,000. 61.63% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on the stock. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Deutsche Bank AG reaffirmed a “hold” rating and issued a $25.00 target price (up previously from $23.00) on shares of Bank of America Corporation in a report on Tuesday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a report on Friday, August 11th. Vetr raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 target price on the stock in a report on Thursday, June 15th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the company. Bank of America Corporation presently has an average rating of “Buy” and a consensus target price of $24.90.
In other Bank of America Corporation 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 transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.18% of the stock is currently owned by insiders.
Bank of America Corporation (NYSE BAC) traded down 0.43% during mid-day trading on Friday, reaching $25.34. The company had a trading volume of 66,232,556 shares. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80. The firm’s 50-day moving average is $24.04 and its 200-day moving average is $23.79. The firm has a market capitalization of $266.49 billion, a P/E ratio of 15.09 and a beta of 1.26. Bank of America Corporation also saw unusually large options trading on Wednesday. Traders bought 104,135 put options on the company. This is an increase of 121% compared to the average volume of 47,125 put options.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 earnings per share. On average, equities research analysts anticipate that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.
Bank of America Corporation declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were paid a $0.12 dividend. The ex-dividend date was Wednesday, August 30th. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 1.89%. Bank of America Corporation’s payout ratio is 28.57%.
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Bank of America Corporation Company Profile
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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