Bank of America Corp (NYSE:BAC) Shares Acquired by Providence Capital Advisors LLC
Providence Capital Advisors LLC lifted its stake in shares of Bank of America Corp (NYSE:BAC) by 1.6% during the second quarter, Holdings Channel reports. The fund owned 66,259 shares of the financial services provider’s stock after acquiring an additional 1,035 shares during the period. Providence Capital Advisors LLC’s holdings in Bank of America were worth $1,922,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. CNB Bank grew its holdings in Bank of America by 188.4% during the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 620 shares in the last quarter. Paragon Capital Management LLC acquired a new position in shares of Bank of America during the first quarter worth $33,000. Camarda Financial Advisors LLC grew its stake in shares of Bank of America by 167.2% during the first quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,067 shares in the last quarter. WP Advisors LLC acquired a new position in shares of Bank of America during the first quarter worth $63,000. Finally, Cascade Investment Advisors Inc. purchased a new position in Bank of America in the first quarter valued at $63,000. Institutional investors and hedge funds own 68.61% of the company’s stock.
In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total value of $63,258.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by insiders.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business’s revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 EPS. As a group, equities research analysts expect that Bank of America Corp will post 2.82 earnings per share for the current fiscal year.
Bank of America announced that its Board of Directors has approved a share repurchase plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.18 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.44%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is currently 27.59%.
A number of research firms have weighed in on BAC. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Keefe, Bruyette & Woods cut Bank of America from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $36.00 to $29.00 in a research report on Thursday, September 5th. DZ Bank upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Berenberg Bank set a $30.00 target price on Bank of America and gave the stock a “hold” rating in a research report on Monday, June 17th. Finally, Raymond James cut Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $32.29.
About Bank of America
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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