Altman Advisors Inc. Acquires 14,476 Shares of Bank of America Corp (NYSE:BAC)
Altman Advisors Inc. boosted its holdings in shares of Bank of America Corp (NYSE:BAC) by 19.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 88,544 shares of the financial services provider’s stock after buying an additional 14,476 shares during the period. Bank of America makes up about 2.2% of Altman Advisors Inc.’s holdings, making the stock its 14th largest holding. Altman Advisors Inc.’s holdings in Bank of America were worth $2,583,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Meag Munich Ergo Kapitalanlagegesellschaft MBH grew its holdings in Bank of America by 4,227.6% during the first quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 354,863 shares of the financial services provider’s stock valued at $9,693,000 after purchasing an additional 346,663 shares during the last quarter. Tufton Capital Management grew its holdings in Bank of America by 2.3% during the first quarter. Tufton Capital Management now owns 163,777 shares of the financial services provider’s stock valued at $4,518,000 after purchasing an additional 3,650 shares during the last quarter. Quantamental Technologies LLC acquired a new position in Bank of America during the first quarter valued at approximately $262,000. Patriot Financial Group Insurance Agency LLC grew its holdings in Bank of America by 33.4% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 17,769 shares of the financial services provider’s stock valued at $488,000 after purchasing an additional 4,450 shares during the last quarter. Finally, Buffington Mohr McNeal grew its holdings in Bank of America by 26.2% during the first quarter. Buffington Mohr McNeal now owns 34,608 shares of the financial services provider’s stock valued at $955,000 after purchasing an additional 7,183 shares during the last quarter. 68.48% of the stock is owned by institutional investors.
Several equities research analysts have recently weighed in on the company. Berenberg Bank set a $30.00 price objective on Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. JPMorgan Chase & Co. reduced their price objective on Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research report on Tuesday, July 9th. Wells Fargo & Co set a $34.00 price objective on Bank of America and gave the company a “buy” rating in a research report on Friday, August 16th. Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research report on Wednesday, July 10th. Finally, Morgan Stanley reduced their price objective on Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $32.29.
Shares of BAC traded up $0.26 during mid-day trading on Wednesday, hitting $27.89. The company’s stock had a trading volume of 2,489,188 shares, compared to its average volume of 56,459,375. Bank of America Corp has a one year low of $22.66 and a one year high of $31.17. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market capitalization of $257.19 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 1.15 and a beta of 1.60. The stock’s 50-day moving average is $28.35 and its two-hundred day moving average is $28.71.
Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate 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%. Bank of America’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the business earned $0.63 earnings per share. Analysts expect that Bank of America Corp will post 2.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a $0.18 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 2.58%. The ex-dividend date was Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is 27.59%.
Bank of America declared that its Board of Directors has approved a stock repurchase program on Thursday, June 27th that permits the company to repurchase $30.90 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Bank of America Company Profile
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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