Independent Investors Inc. Has $426,000 Holdings in Bank of America Corporation (BAC)
Independent Investors Inc. raised its holdings in Bank of America Corporation (NYSE:BAC) by 0.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,587 shares of the financial services provider’s stock after acquiring an additional 100 shares during the quarter. Independent Investors Inc.’s holdings in Bank of America Corporation were worth $426,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Waldron LP lifted its stake in Bank of America Corporation by 112.2% in the first quarter. Waldron LP now owns 24,550 shares of the financial services provider’s stock valued at $578,000 after acquiring an additional 12,978 shares during the last quarter. Duncker Streett & Co. Inc. lifted its stake in Bank of America Corporation by 3.9% in the first quarter. Duncker Streett & Co. Inc. now owns 112,381 shares of the financial services provider’s stock valued at $2,651,000 after acquiring an additional 4,239 shares during the last quarter. Adviser Investments LLC acquired a new stake in Bank of America Corporation in the first quarter valued at approximately $5,901,000. Baystate Wealth Management LLC lifted its stake in Bank of America Corporation by 57.1% in the first quarter. Baystate Wealth Management LLC now owns 12,398 shares of the financial services provider’s stock valued at $281,000 after acquiring an additional 4,507 shares during the last quarter. Finally, Livingston Group Asset Management CO operating as Southport Capital Management acquired a new stake in Bank of America Corporation in the first quarter valued at approximately $295,000. Hedge funds and other institutional investors own 61.64% of the company’s stock.
BAC has been the subject of a number of analyst reports. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 11th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 4th. Vetr cut shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 target price for the company. in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research note on Friday, August 11th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $24.80.
In related 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 value of $2,096,194.08. Following the transaction, the director now owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is currently owned by company insiders.
Shares of Bank of America Corporation (NYSE BAC) opened at 26.13 on Friday. Bank of America Corporation has a 52 week low of $15.60 and a 52 week high of $26.23. The firm has a market cap of $274.79 billion, a P/E ratio of 15.56 and a beta of 1.25. The stock has a 50 day moving average of $24.33 and a 200 day moving average of $23.82.
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 the Zacks’ consensus estimate 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 company had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter last year, the business earned $0.41 earnings per share. Bank of America Corporation’s revenue was up 7.1% on a year-over-year basis. Analysts anticipate that Bank of America Corporation will post $1.80 earnings per share for the current fiscal year.
Bank of America Corporation declared that its board has initiated a share 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 reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.84%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.
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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