Proffitt & Goodson Inc. Acquires 658 Shares of Bank of America Corporation $BAC

Proffitt & Goodson Inc. increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.0% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 33,592 shares of the financial services provider’s stock after purchasing an additional 658 shares during the quarter. Proffitt & Goodson Inc.’s holdings in Bank of America were worth $1,590,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Deutsche Bank AG grew its holdings in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Unisphere Establishment grew its holdings in shares of Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after buying an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of Bank of America during the second quarter worth about $164,623,000. Maverick Capital Ltd. bought a new position in shares of Bank of America during the first quarter worth about $152,098,000. Finally, AMF Tjanstepension AB grew its holdings in shares of Bank of America by 62.9% during the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after buying an additional 3,438,876 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BAC. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. HSBC increased their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Wolfe Research increased their price target on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Twenty research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $53.93.

Bank of America Trading Down 0.3%

Shares of BAC opened at $50.22 on Wednesday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The business’s fifty day moving average is $49.46 and its 200-day moving average is $45.39. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market cap of $371.95 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.96 and a beta of 1.33.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend 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 is presently 32.75%.

Bank of America declared that its board has initiated a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.30% of the stock is owned by insiders.

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