Vigilant Capital Management LLC grew its stake in shares of Bank of America Corp (NYSE:BAC) by 4,201.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 71,842 shares of the financial services provider’s stock after acquiring an additional 70,172 shares during the period. Vigilant Capital Management LLC’s holdings in Bank of America were worth $2,116,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of BAC. Bartlett & Co. LLC raised its stake in Bank of America by 35.8% in the second quarter. Bartlett & Co. LLC now owns 6,146 shares of the financial services provider’s stock worth $173,000 after buying an additional 1,621 shares in the last quarter. RNC Capital Management LLC raised its stake in Bank of America by 4.6% in the second quarter. RNC Capital Management LLC now owns 38,237 shares of the financial services provider’s stock worth $1,078,000 after buying an additional 1,690 shares in the last quarter. Summit X LLC raised its stake in Bank of America by 17.4% in the first quarter. Summit X LLC now owns 11,414 shares of the financial services provider’s stock worth $341,000 after buying an additional 1,695 shares in the last quarter. Martin Investment Management LLC raised its stake in Bank of America by 0.4% in the second quarter. Martin Investment Management LLC now owns 453,072 shares of the financial services provider’s stock worth $12,772,000 after buying an additional 1,701 shares in the last quarter. Finally, Hartford Financial Management Inc. raised its stake in Bank of America by 7.7% in the second quarter. Hartford Financial Management Inc. now owns 23,689 shares of the financial services provider’s stock worth $668,000 after buying an additional 1,703 shares in the last quarter. 65.08% of the stock is owned by hedge funds and other institutional investors.
Separately, Wolfe Research assumed coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $33.35.
Shares of BAC stock opened at $28.46 on Friday. The firm has a market cap of $301.78 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 1.46 and a beta of 1.30. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 12-month low of $25.12 and a 12-month high of $33.05.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $22.60 billion for the quarter, compared to the consensus estimate of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The business’s quarterly revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.46 earnings per share. On average, analysts predict that Bank of America Corp will post 2.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 7th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.11%. Bank of America’s dividend payout ratio is presently 32.79%.
Bank of America declared that its Board of Directors has initiated a share repurchase program on Thursday, June 28th that allows the company to buyback $20.60 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total transaction of $500,070.20. Following the transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at $15,289,124.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.10% of the company’s stock.
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.
Featured Story: Hedge Funds – How They Work For Investors
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.