Mercer Capital Advisers Inc. Raises Holdings in Bank of America Corporation (BAC)
Mercer Capital Advisers Inc. raised its position in shares of Bank of America Corporation (NYSE:BAC) by 0.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,222 shares of the financial services provider’s stock after purchasing an additional 101 shares during the quarter. Mercer Capital Advisers Inc.’s holdings in Bank of America Corporation were worth $345,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America Corporation during the 2nd quarter valued at $100,000. Armbruster Capital Management Inc. lifted 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 acquiring an additional 423 shares during the last quarter. Tarbox Family Office Inc. lifted 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 acquiring an additional 21 shares during the last quarter. Lenox Wealth Advisors Inc. acquired a new stake in shares of Bank of America Corporation during the 2nd quarter valued at $144,000. Finally, Jacobi Capital Management LLC lifted 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 acquiring an additional 1,101 shares during the last quarter. 61.64% of the stock is owned by hedge funds and other institutional investors.
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Shares of Bank of America Corporation (NYSE:BAC) opened at 26.21 on Friday. Bank of America Corporation has a 12 month low of $15.60 and a 12 month high of $26.30. The stock has a 50 day moving average price of $24.41 and a 200 day moving average price of $23.83. The firm has a market capitalization of $275.64 billion, a P/E ratio of 15.61 and a beta of 1.25. Bank of America Corporation also saw unusually large options trading activity on Thursday. Stock traders acquired 245,085 call options on the stock. This represents an increase of 125% compared to the average volume of 109,122 call options.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the 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 net margin of 20.28% and a return on equity of 8.11%. Bank of America Corporation’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 EPS. On average, analysts expect that Bank of America Corporation will post $1.80 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 1st were paid a dividend of $0.12 per share. 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 dividend yield of 1.83%. Bank of America Corporation’s payout ratio is currently 28.57%.
Bank of America Corporation declared that its board has authorized a stock repurchase program on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of equities research analysts have recently commented on BAC shares. Vetr downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.20 price objective for the company. in a research report on Monday, June 12th. Deutsche Bank AG reiterated a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 4th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $24.80.
In other news, Director Frank P. Bramble sold 86,763 shares of the business’s 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 transaction, the director now directly owns 50,000 shares in the company, valued at approximately $1,208,000. The transaction 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 owned by insiders.
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.
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