Capital Advisors Inc. OK increased its stake in shares of Bank of America Corporation (NYSE:BAC – Free Report) by 2.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 45,917 shares of the financial services provider’s stock after acquiring an additional 1,232 shares during the period. Capital Advisors Inc. OK’s holdings in Bank of America were worth $2,173,000 as of its most recent filing with the SEC.
A number of other institutional investors have also made changes to their positions in the stock. Deutsche Bank AG boosted its holdings in shares of Bank of America by 45.1% during the 1st 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 during the period. Unisphere Establishment raised its holdings in Bank of America by 1,642.5% in the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after acquiring an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in Bank of America during the 2nd quarter worth $164,623,000. Maverick Capital Ltd. bought a new stake in Bank of America during the first quarter valued at about $152,098,000. Finally, AMF Tjanstepension AB boosted its holdings in 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 valued at $421,564,000 after acquiring an additional 3,438,876 shares during the period. 70.71% of the stock is owned by institutional investors.
Bank of America Price Performance
Shares of NYSE:BAC opened at $50.63 on Monday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The firm has a market capitalization of $374.98 billion, a PE ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. The business’s 50 day moving average is $49.37 and its 200-day moving average is $45.30. 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 Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend 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 payout ratio is 32.75%.
Bank of America announced that its board has authorized a share repurchase 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
Analyst Ratings Changes
A number of research firms have recently commented on BAC. The Goldman Sachs Group lifted their price objective on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday. Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. TD Cowen increased their price objective on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday. Finally, Citigroup raised their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. Nineteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.38.
Read Our Latest Stock Analysis on BAC
Insider Buying and Selling at Bank of America
In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated 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 sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.
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.
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