Sonata Capital Group Inc. Has $209,000 Stake in Bank of America Corporation (BAC)
Sonata Capital Group Inc. maintained its position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,598 shares of the financial services provider’s stock at the end of the second quarter. Sonata Capital Group Inc.’s holdings in Bank of America Corporation were worth $209,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Northwest Investment Counselors LLC purchased a new stake in Bank of America Corporation in the 2nd quarter valued at about $100,000. Armbruster Capital Management Inc. raised its holdings in Bank of America Corporation by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares during the period. Chicago Partners Investment Group LLC raised its holdings in Bank of America Corporation by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after buying an additional 450 shares during the period. Tarbox Family Office Inc. raised its holdings in Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after buying an additional 21 shares during the period. Finally, Lenox Wealth Advisors Inc. purchased a new stake in Bank of America Corporation in the 2nd quarter valued at about $144,000. Institutional investors and hedge funds own 61.64% of the company’s stock.
Several brokerages recently issued reports on BAC. Citigroup Inc. restated a “neutral” rating and issued a $27.00 price objective (up from $25.00) on shares of Bank of America Corporation in a report on Monday. Vetr lowered shares of Bank of America Corporation from a “hold” rating to a “sell” rating and set a $25.08 price objective on the stock. in a report on Wednesday, October 4th. Zacks Investment Research lowered shares of Bank of America Corporation from a “hold” rating to a “sell” rating in a report on Tuesday. Credit Suisse Group restated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday. Finally, Robert W. Baird restated a “hold” rating and issued a $24.00 price objective on shares of Bank of America Corporation in a report on Sunday, October 1st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $24.88.
In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation 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 completion of the transaction, the director now owns 50,000 shares in the company, valued at approximately $1,208,000. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.18% of the stock is currently owned by company insiders.
Shares of Bank of America Corporation (NYSE BAC) opened at 25.45 on Friday. Bank of America Corporation has a 52 week low of $15.90 and a 52 week high of $26.30. The firm has a 50-day moving average price of $24.65 and a 200-day moving average price of $23.91. The stock has a market cap of $267.64 billion, a PE ratio of 15.16 and a beta of 1.25.
Bank of America Corporation (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the 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 return on equity of 8.11% and a net margin of 20.28%. The business’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 EPS. On average, analysts forecast that Bank of America Corporation will post $1.79 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 authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 1st were given a $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date was Wednesday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.89%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.
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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