Community Bank N.A. boosted its holdings in shares of Bank of America Corp (NYSE:BAC) by 303.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,093 shares of the financial services provider’s stock after purchasing an additional 25,649 shares during the period. Community Bank N.A.’s holdings in Bank of America were worth $809,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Ocean Capital Management LLC bought a new stake in shares of Bank of America in the 2nd quarter worth about $222,000. Lathrop Investment Management Corp boosted its position in Bank of America by 3.8% in the second quarter. Lathrop Investment Management Corp now owns 27,593 shares of the financial services provider’s stock valued at $655,000 after buying an additional 1,000 shares in the last quarter. Lehman & Derafelo Financial Resources LLC boosted its position in Bank of America by 1.0% in the second quarter. Lehman & Derafelo Financial Resources LLC now owns 284,196 shares of the financial services provider’s stock valued at $6,750,000 after buying an additional 2,831 shares in the last quarter. Lyell Wealth Management LP grew its stake in Bank of America by 5.8% during the second quarter. Lyell Wealth Management LP now owns 210,928 shares of the financial services provider’s stock worth $5,010,000 after buying an additional 11,600 shares during the last quarter. Finally, TradeLink Capital LLC acquired a new stake in shares of Bank of America during the second quarter worth approximately $638,000. 68.99% of the stock is currently owned by institutional investors.
BAC has been the topic of several recent analyst reports. TheStreet downgraded Bank of America from a “b-” rating to a “c+” rating in a report on Monday, July 27th. Barclays reissued a “buy” rating and issued a $33.00 price objective on shares of Bank of America in a research note on Thursday, April 9th. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Morgan Stanley lifted their price target on Bank of America from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, June 25th. Finally, Wells Fargo & Co lowered shares of Bank of America to a “sell” rating in a report on Friday, July 10th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $29.47.
Shares of BAC stock traded up $0.04 during trading hours on Friday, reaching $24.88. The company had a trading volume of 62,039,245 shares, compared to its average volume of 60,672,532. Bank of America Corp has a 1-year low of $17.95 and a 1-year high of $35.72. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market cap of $215.85 billion, a price-to-earnings ratio of 11.01, a P/E/G ratio of 2.24 and a beta of 1.59. The company has a 50 day moving average of $24.13 and a 200 day moving average of $26.12.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The business had revenue of $22.30 billion during the quarter, compared to the consensus estimate of $21.71 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. The firm’s revenue was down 3.5% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Corp will post 1.58 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a $0.18 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.89%. Bank of America’s dividend payout ratio is 24.49%.
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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