Pettyjohn Wood & White Inc. trimmed its position in Bank of America Corp (NYSE:BAC) by 3.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 122,055 shares of the financial services provider’s stock after selling 4,146 shares during the period. Pettyjohn Wood & White Inc.’s holdings in Bank of America were worth $3,660,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Ballew Advisors Inc acquired a new position in shares of Bank of America during the first quarter valued at $129,000. Well Done LLC acquired a new position in Bank of America during the first quarter worth about $136,000. Avestar Capital LLC acquired a new position in Bank of America during the fourth quarter worth about $135,000. Gradient Investments LLC acquired a new position in Bank of America during the fourth quarter worth about $150,000. Finally, Taylor Hoffman Wealth Management acquired a new position in Bank of America during the fourth quarter worth about $151,000. Institutional investors own 67.02% of the company’s stock.
Bank of America stock opened at $28.19 on Friday. The firm has a market cap of $293.69 billion, a price-to-earnings ratio of 15.40, a P/E/G ratio of 1.42 and a beta of 1.34. Bank of America Corp has a one year low of $22.75 and a one year high of $33.05. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.03. The company had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.04 billion. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. Bank of America’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the business posted $0.41 EPS. equities research analysts expect that Bank of America Corp will post 2.53 earnings per share for the current fiscal year.
Bank of America declared that its board has authorized a stock buyback program on Thursday, June 28th that allows the company to repurchase $20.60 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, June 29th. Investors of record on Friday, June 1st were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.70%. The ex-dividend date was Thursday, May 31st. Bank of America’s dividend payout ratio is currently 26.23%.
A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $35.00 price target on shares of Bank of America in a research report on Thursday, April 5th. Vining Sparks assumed coverage on Bank of America in a research note on Monday, April 16th. They set a “buy” rating and a $35.00 price target for the company. Vetr raised Bank of America from a “buy” rating to a “strong-buy” rating and set a $34.96 price objective on the stock in a research note on Friday, March 23rd. Credit Suisse Group lifted their price target on Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, March 16th. Finally, Citigroup lifted their price objective on Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, April 24th. Nine investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $32.13.
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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