Archford Capital Strategies LLC decreased its stake in Bank of America Corp (NYSE:BAC) by 0.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,246 shares of the financial services provider’s stock after selling 38 shares during the quarter. Archford Capital Strategies LLC’s holdings in Bank of America were worth $593,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Gateway Advisory LLC boosted its stake in Bank of America by 0.4% during the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after buying an additional 45 shares during the last quarter. Arbor Investment Advisors LLC lifted its stake in shares of Bank of America by 0.3% in the 2nd quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after purchasing an additional 46 shares during the last quarter. Lbmc Investment Advisors LLC lifted its stake in shares of Bank of America by 0.3% in the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 51 shares during the last quarter. TCI Wealth Advisors Inc. lifted its stake in shares of Bank of America by 0.4% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 54 shares during the last quarter. Finally, Altavista Wealth Management Inc. lifted its stake in shares of Bank of America by 0.7% in the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after purchasing an additional 68 shares during the last quarter. Institutional investors and hedge funds own 68.56% of the company’s stock.

Shares of Bank of America Corp (BAC) opened at $28.84 on Thursday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market capitalization of $305,825.50, a price-to-earnings ratio of 16.75, a PEG ratio of 2.03 and a beta of 1.31. Bank of America Corp has a 52-week low of $21.77 and a 52-week high of $29.50.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 EPS. research analysts expect that Bank of America Corp will post 1.8 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a share buyback program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.66%. Bank of America’s payout ratio is 27.43%.

Several research firms have recently issued reports on BAC. Royal Bank of Canada reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a research note on Friday, December 8th. Morgan Stanley reiterated an “overweight” rating and issued a $30.00 price target (up from $28.00) on shares of Bank of America in a report on Thursday, November 30th. BidaskClub downgraded Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. Vetr upgraded Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 price target on the stock in a report on Tuesday, November 7th. Finally, J P Morgan Chase & Co increased their price target on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company. Bank of America presently has an average rating of “Buy” and a consensus target price of $26.32.

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Bank of America 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 (NYSE:BAC)

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