Checchi Capital Advisers LLC boosted its stake in Bank of America Corp (NYSE:BAC) by 3.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 94,927 shares of the financial services provider’s stock after acquiring an additional 3,009 shares during the quarter. Bank of America comprises 0.3% of Checchi Capital Advisers LLC’s investment portfolio, making the stock its 29th largest position. Checchi Capital Advisers LLC’s holdings in Bank of America were worth $2,676,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also modified their holdings of the business. Guardian Investment Management increased its stake in shares of Bank of America by 4.1% during the 2nd quarter. Guardian Investment Management now owns 140,040 shares of the financial services provider’s stock worth $3,967,000 after purchasing an additional 5,493 shares during the last quarter. Wealthfront Inc. increased its stake in shares of Bank of America by 5.3% during the 1st quarter. Wealthfront Inc. now owns 503,392 shares of the financial services provider’s stock worth $15,097,000 after purchasing an additional 25,141 shares during the last quarter. Sigma Planning Corp increased its stake in shares of Bank of America by 1.6% during the 2nd quarter. Sigma Planning Corp now owns 198,494 shares of the financial services provider’s stock worth $5,596,000 after purchasing an additional 3,135 shares during the last quarter. Coe Capital Management LLC acquired a new position in shares of Bank of America during the 4th quarter worth about $224,000. Finally, Xact Kapitalforvaltning AB increased its stake in shares of Bank of America by 0.9% during the 1st quarter. Xact Kapitalforvaltning AB now owns 1,999,884 shares of the financial services provider’s stock worth $59,977,000 after purchasing an additional 18,525 shares during the last quarter. Hedge funds and other institutional investors own 66.60% of the company’s stock.
In related news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the transaction, the insider now owns 483,680 shares in the company, valued at approximately $15,289,124.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.10% of the stock is currently owned by corporate insiders.
Separately, Citigroup boosted their price objective on shares of Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 24th. Nine analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Bank of America currently has an average rating of “Buy” and a consensus target price of $32.37.
Shares of BAC opened at $30.87 on Tuesday. Bank of America Corp has a 52 week low of $22.75 and a 52 week high of $33.05. The stock has a market capitalization of $314.89 billion, a P/E ratio of 13.97, a P/E/G ratio of 1.52 and a beta of 1.29. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The business had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. During the same quarter in the prior year, the business earned $0.46 EPS. Bank of America’s quarterly revenue was down .9% on a year-over-year basis. equities analysts expect that Bank of America Corp will post 2.52 earnings per share for the current year.
Bank of America declared that its Board of Directors has approved a share buyback plan on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 7th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.94%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio is 26.23%.
About Bank of America
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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