Alberta Investment Management Corp increased its stake in shares of Bank of America Corp (NYSE:BAC) by 20.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,144,600 shares of the financial services provider’s stock after purchasing an additional 194,000 shares during the quarter. Alberta Investment Management Corp’s holdings in Bank of America were worth $33,193,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Altman Advisors Inc. lifted its position in shares of Bank of America by 1.9% in the 1st quarter. Altman Advisors Inc. now owns 72,898 shares of the financial services provider’s stock worth $2,011,000 after purchasing an additional 1,347 shares during the period. Eqis Capital Management Inc. lifted its position in shares of Bank of America by 15.5% during the 1st quarter. Eqis Capital Management Inc. now owns 125,363 shares of the financial services provider’s stock valued at $3,459,000 after acquiring an additional 16,829 shares during the period. Madrona Financial Services LLC acquired a new position in shares of Bank of America during the 1st quarter valued at $200,000. Brookstone Capital Management lifted its position in shares of Bank of America by 18.1% during the 1st quarter. Brookstone Capital Management now owns 60,192 shares of the financial services provider’s stock valued at $1,661,000 after acquiring an additional 9,233 shares during the period. Finally, Bowling Portfolio Management LLC lifted its position in shares of Bank of America by 7.8% during the 1st quarter. Bowling Portfolio Management LLC now owns 152,711 shares of the financial services provider’s stock valued at $4,213,000 after acquiring an additional 11,044 shares during the period. 68.48% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently issued reports on BAC. Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. BMO Capital Markets upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a research report on Monday, June 17th. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. Berenberg Bank set a $30.00 target price on shares of Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company’s stock. Bank of America currently has a consensus rating of “Hold” and a consensus price target of $32.32.
In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.17% of the stock is owned by company insiders.
BAC traded up $0.46 on Friday, reaching $28.91. The company had a trading volume of 67,678,237 shares, compared to its average volume of 56,632,736. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.17. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The business has a 50 day simple moving average of $28.44 and a 200 day simple moving average of $28.72. The company has a market cap of $259.61 billion, a price-to-earnings ratio of 11.08, a P/E/G ratio of 1.10 and a beta of 1.60.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same period last year, the business earned $0.63 earnings per share. The business’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corp will post 2.82 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.18 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
Bank of America announced that its board has approved a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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