Jackson Square Capital LLC Takes $255,000 Position in Bank of America Corporation $BAC

Jackson Square Capital LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,399 shares of the financial services provider’s stock, valued at approximately $255,000.

Several other institutional investors have also bought and sold shares of the stock. Sivia Capital Partners LLC boosted its stake in Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after buying an additional 6,174 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its stake in Bank of America by 1.3% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 106,811 shares of the financial services provider’s stock valued at $5,054,000 after buying an additional 1,376 shares in the last quarter. Lineweaver Wealth Advisors LLC boosted its stake in Bank of America by 9.4% in the 2nd quarter. Lineweaver Wealth Advisors LLC now owns 54,907 shares of the financial services provider’s stock valued at $2,598,000 after buying an additional 4,700 shares in the last quarter. Radnor Capital Management LLC boosted its stake in Bank of America by 14.7% in the 2nd quarter. Radnor Capital Management LLC now owns 7,865 shares of the financial services provider’s stock valued at $372,000 after buying an additional 1,010 shares in the last quarter. Finally, Bruce G. Allen Investments LLC boosted its stake in Bank of America by 8.2% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 10,412 shares of the financial services provider’s stock valued at $493,000 after buying an additional 789 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Morgan Stanley boosted their price target on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday, June 23rd. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Wells Fargo & Company boosted their price objective on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.61.

Bank of America Trading Up 1.4%

NYSE BAC opened at $51.36 on Thursday. The stock has a 50-day simple moving average of $48.33 and a 200 day simple moving average of $44.40. The company has a market capitalization of $380.42 billion, a PE ratio of 15.02, a P/E/G ratio of 1.97 and a beta of 1.34. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $51.63.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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 return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis. Research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio is currently 32.75%.

Bank of America 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.