Peoples Bank OH Grows Stock Holdings in Bank of America Corporation $BAC

Peoples Bank OH raised its stake in Bank of America Corporation (NYSE:BAC) by 3.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,432 shares of the financial services provider’s stock after buying an additional 750 shares during the period. Peoples Bank OH’s holdings in Bank of America were worth $967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. boosted its position in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the period. Cloud Capital Management LLC bought a new position in shares of Bank of America during the first quarter valued at approximately $40,000. HighMark Wealth Management LLC boosted its stake in shares of Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 743 shares in the last quarter. Perkins Coie Trust Co boosted its stake in shares of Bank of America by 67.8% during the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 423 shares in the last quarter. Finally, Cranbrook Wealth Management LLC boosted its stake in shares of Bank of America by 41.2% during the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 306 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.3%

NYSE:BAC opened at $50.63 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The firm has a 50 day moving average of $49.37 and a 200 day moving average of $45.26. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $374.98 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. Bank of America’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on BAC shares. Wells Fargo & Company increased their price objective on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Robert W. Baird reiterated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Citigroup increased their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Nineteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $53.38.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.