Westhampton Capital LLC acquired a new stake in shares of Bank of America Corp (NYSE:BAC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 17,954 shares of the financial services provider’s stock, valued at approximately $521,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vestor Capital LLC increased its holdings in Bank of America by 1.1% during the second quarter. Vestor Capital LLC now owns 482,524 shares of the financial services provider’s stock valued at $13,993,000 after buying an additional 5,086 shares during the last quarter. Associated Banc Corp increased its stake in shares of Bank of America by 3.5% in the second quarter. Associated Banc Corp now owns 350,073 shares of the financial services provider’s stock worth $10,152,000 after purchasing an additional 11,745 shares in the last quarter. Lincoln National Corp increased its stake in shares of Bank of America by 6.1% in the second quarter. Lincoln National Corp now owns 94,917 shares of the financial services provider’s stock worth $2,753,000 after purchasing an additional 5,455 shares in the last quarter. Prime Capital Investment Advisors LLC increased its stake in shares of Bank of America by 21.7% in the second quarter. Prime Capital Investment Advisors LLC now owns 172,561 shares of the financial services provider’s stock worth $5,004,000 after purchasing an additional 30,778 shares in the last quarter. Finally, Beaumont Financial Partners LLC increased its stake in shares of Bank of America by 13.8% in the second quarter. Beaumont Financial Partners LLC now owns 30,823 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 3,745 shares in the last quarter. 68.50% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:BAC traded down $0.57 during midday trading on Friday, reaching $26.62. 55,240,726 shares of the company were exchanged, compared to its average volume of 61,225,972. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The business’s fifty day moving average is $28.90 and its two-hundred day moving average is $28.82. Bank of America Corp has a one year low of $22.66 and a one year high of $31.49. The stock has a market cap of $248.72 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 1.05 and a beta of 1.54.
Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 firm had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. During the same quarter in the prior year, the business earned $0.63 earnings per share. Bank of America’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Corp will post 2.83 EPS for the current year.
Bank of America declared that its Board of Directors has authorized a share buyback program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a dividend of $0.18 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.70%. Bank of America’s dividend payout ratio is currently 22.99%.
BAC has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research note on Wednesday, July 10th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a research note on Monday, June 17th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $32.00 to $36.00 in a research note on Friday, July 26th. Finally, Wells Fargo & Co set a $34.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $32.75.
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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