21,406 Shares in Charles River Associates $CRAI Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 21,406 shares of Charles River Associates during the second quarter, worth approximately $3.05 million and representing a 0.34% stake. Institutional investors collectively own 84.13% of the company.
• Charles River Associates exceeded quarterly expectations, reporting $2.16 in EPS versus a $2.15 estimate and revenue of $210.81 million versus a $198.91 million forecast.
• The company paid a quarterly dividend of $0.57 per share, equivalent to an annualized $2.28 dividend and a 1.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $245.

Bank of America Corp DE purchased a new position in shares of Charles River Associates (NASDAQ:CRAI - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 21,406 shares of the business services provider's stock, valued at approximately $3,046,000. Bank of America Corp DE owned 0.34% of Charles River Associates at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP bought a new position in Charles River Associates in the 2nd quarter worth about $35,000. Quantbot Technologies LP acquired a new stake in Charles River Associates in the 2nd quarter valued at approximately $53,000. Persistent Asset Partners Ltd acquired a new position in Charles River Associates during the 2nd quarter worth $55,000. State of Wyoming acquired a new stake in shares of Charles River Associates in the 2nd quarter worth approximately $74,000. Finally, Global Retirement Partners LLC bought a new position in Charles River Associates during the 2nd quarter valued at $77,000. Institutional investors and hedge funds own 84.13% of the company's stock.

Insider Activity at Charles River Associates

In other news, EVP Jonathan Yellin sold 2,250 shares of Charles River Associates stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $173.25, for a total value of $389,812.50. Following the transaction, the executive vice president directly owned 11,153 shares of the company's stock, valued at $1,932,257.25. This trade represents a 16.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.50% of the stock is currently owned by insiders.

Charles River Associates Stock Performance

NASDAQ CRAI opened at $165.94 on Wednesday. Charles River Associates has a 1 year low of $132.17 and a 1 year high of $227.29. The business's fifty day moving average is $170.40 and its two-hundred day moving average is $159.02. The stock has a market capitalization of $1.04 billion, a P/E ratio of 22.10, a P/E/G ratio of 1.22 and a beta of 0.65.

Charles River Associates (NASDAQ:CRAI - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The business services provider reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.01. Charles River Associates had a return on equity of 27.31% and a net margin of 6.20%.The business had revenue of $210.81 million during the quarter, compared to analyst estimates of $198.91 million. On average, research analysts forecast that Charles River Associates will post 8.43 earnings per share for the current year.

Charles River Associates Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Tuesday, August 25th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $2.28 dividend on an annualized basis and a yield of 1.4%. Charles River Associates's dividend payout ratio is currently 30.36%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Charles River Associates from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $245.00.

About Charles River Associates

Charles River Associates NASDAQ: CRAI is a global consulting firm that provides economic, financial, and management consulting services to corporations, law firms, government agencies, and other organizations. The company supports clients on complex business, regulatory, legal, and strategic matters.

Its services include economic and competition analysis, antitrust and merger-related consulting, litigation support, regulatory and public policy advice, financial and valuation analysis, and business strategy.

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