ST Germain D J Co. Inc. increased its position in shares of Bank of America Corporation (NYSE:BAC) by 29.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,363 shares of the financial services provider’s stock after purchasing an additional 3,680 shares during the period. ST Germain D J Co. Inc.’s holdings in Bank of America Corporation were worth $397,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America Corporation during the 2nd quarter valued at $100,000. Armbruster Capital Management Inc. raised its position in shares of Bank of America Corporation by 10.8% during the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 423 shares during the period. Tarbox Family Office Inc. raised its position in shares of Bank of America Corporation by 0.4% during the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 21 shares during the period. Lenox Wealth Advisors Inc. bought a new stake in shares of Bank of America Corporation during the 2nd quarter valued at $144,000. Finally, Jacobi Capital Management LLC raised its position in shares of Bank of America Corporation by 21.0% during the 1st quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 1,101 shares during the period. Hedge funds and other institutional investors own 61.64% of the company’s stock.

Shares of Bank of America Corporation (BAC) opened at 25.71 on Thursday. The company has a market cap of $270.38 billion, a price-to-earnings ratio of 15.31 and a beta of 1.25. Bank of America Corporation has a one year low of $15.60 and a one year high of $25.95. The company’s 50-day moving average is $24.28 and its 200-day moving average is $23.80.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The company 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%. Bank of America Corporation’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 earnings per share. On average, equities analysts predict that Bank of America Corporation will post $1.81 EPS for the current year.

Bank of America Corporation declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.87%. 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. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now 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 at this link. Company insiders own 0.18% of the company’s stock.

Several analysts have recently commented on BAC shares. Keefe, Bruyette & Woods restated a “buy” rating and set a $27.00 price objective on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Vetr downgraded shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.20 price objective on the stock. in a research report on Monday, June 12th. Deutsche Bank AG restated a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. BidaskClub upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $24.80.

TRADEMARK VIOLATION WARNING: “Bank of America Corporation (BAC) Stake Increased by ST Germain D J Co. Inc.” was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this article on another publication, it was stolen and republished in violation of US and international trademark and copyright laws. The correct version of this article can be viewed at https://www.thecerbatgem.com/2017/10/05/bank-of-america-corporation-bac-stake-increased-by-st-germain-d-j-co-inc.html.

Bank of America Corporation 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.

Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

Receive News & Stock Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related stocks with our FREE daily email newsletter.