Bank of America Corporation (BAC) Shares Bought by Bingham Osborn & Scarborough LLC
Bingham Osborn & Scarborough LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 0.7% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 87,121 shares of the financial services provider’s stock after acquiring an additional 626 shares during the quarter. Bingham Osborn & Scarborough LLC’s holdings in Bank of America Corporation were worth $2,114,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America Corporation in the 2nd quarter worth about $100,000. Armbruster Capital Management Inc. boosted its holdings in shares of 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 worth $102,000 after purchasing an additional 423 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of 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 worth $103,000 after purchasing an additional 450 shares in the last quarter. Tarbox Family Office Inc. boosted its holdings in shares of 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 worth $117,000 after purchasing an additional 21 shares in the last quarter. Finally, Lenox Wealth Advisors Inc. purchased a new position in shares of Bank of America Corporation in the 2nd quarter worth about $144,000. Institutional investors and hedge funds own 61.61% of the company’s stock.
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A number of equities analysts have recently issued reports on the company. Citigroup Inc. reiterated 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, October 9th. Vetr cut Bank of America Corporation from a “hold” rating to a “sell” rating and set a $25.08 price objective for the company. in a report on Wednesday, October 4th. Zacks Investment Research cut Bank of America Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. Credit Suisse Group reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, October 10th. Finally, UBS AG set a $27.00 price objective on Bank of America Corporation and gave the stock a “hold” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company’s stock. Bank of America Corporation has an average rating of “Buy” and an average price target of $25.47.
In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were 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 of the company’s stock, valued at $1,208,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.18% of the company’s stock.
Bank of America Corporation (NYSE BAC) opened at 26.48 on Thursday. The company has a market cap of $278.48 billion, a price-to-earnings ratio of 15.16 and a beta of 1.25. The company’s 50-day moving average price is $24.93 and its 200-day moving average price is $23.99. Bank of America Corporation has a 52-week low of $15.90 and a 52-week high of $26.55.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. Bank of America Corporation’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 earnings per share. Equities research analysts expect that Bank of America Corporation will post $1.82 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were paid a $0.12 dividend. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.81%. Bank of America Corporation’s payout ratio is 27.43%.
Bank of America Corporation declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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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