Cape Cod Five Cents Savings Bank held its stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent filing with the SEC. The fund owned 29,444 shares of the financial services provider’s stock at the end of the second quarter. Cape Cod Five Cents Savings Bank’s holdings in Bank of America Corporation were worth $714,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Dodge & Cox purchased a new stake in Bank of America Corporation during the fourth quarter valued at $4,159,570,000. Norges Bank bought a new stake in shares of Bank of America Corporation during the fourth quarter valued at $2,256,221,000. Lone Pine Capital LLC bought a new stake in shares of Bank of America Corporation during the fourth quarter valued at $478,937,000. UBS Asset Management Americas Inc. increased its stake in shares of Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock valued at $933,718,000 after buying an additional 8,595,423 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its stake in shares of Bank of America Corporation by 313.4% in the fourth quarter. Public Sector Pension Investment Board now owns 9,459,219 shares of the financial services provider’s stock valued at $209,049,000 after buying an additional 7,170,800 shares in the last quarter. 65.75% of the stock is owned by institutional investors and hedge funds.
Bank of America Corporation (NYSE BAC) traded down 0.33% during midday trading on Friday, reaching $24.03. The company’s stock had a trading volume of 50,143,443 shares. The stock has a 50 day moving average of $23.97 and a 200 day moving average of $23.66. Bank of America Corporation has a 52 week low of $14.09 and a 52 week high of $25.80. The firm has a market capitalization of $252.71 billion, a PE ratio of 14.24 and a beta of 1.27.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter last year, the company posted $0.41 earnings per share. Bank of America Corporation’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities research analysts predict that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.
Bank of America Corporation announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $12.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 2.00%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.
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Several equities research analysts recently weighed in on BAC shares. CIBC reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. Vetr cut Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective for the company. in a research report on Wednesday, June 28th. Deutsche Bank AG reiterated a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. Finally, Berenberg Bank cut Bank of America Corporation from a “buy” rating to a “hold” rating and increased their price objective for the stock from $15.00 to $22.00 in a research report on Monday, April 24th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $23.74.
Bank of America Corporation Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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