299,000 Shares in Bank of America Corporation $BAC Bought by McElhenny Sheffield Capital Management LLC

McElhenny Sheffield Capital Management LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 299,000 shares of the financial services provider's stock, valued at approximately $14,149,000. Bank of America accounts for about 0.9% of McElhenny Sheffield Capital Management LLC's holdings, making the stock its 18th largest holding.

Several other large investors have also modified their holdings of the company. Boston Common Asset Management LLC raised its stake in Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider's stock valued at $12,288,000 after purchasing an additional 24,740 shares during the last quarter. Nicholas Hoffman & Company LLC. raised its stake in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock valued at $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC raised its stake in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider's stock valued at $306,000 after purchasing an additional 439 shares during the last quarter. Prosperity Wealth Management Inc. acquired a new position in Bank of America during the 1st quarter valued at $998,000. Finally, Alpha Cubed Investments LLC raised its stake in Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock valued at $2,714,000 after purchasing an additional 17,619 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wolfe Research increased their price objective on shares of Bank of America from $57.00 to $58.00 and gave the company an "outperform" rating in a research note on Tuesday. The Goldman Sachs Group increased their price objective on shares of Bank of America from $56.00 to $59.00 and gave the company a "buy" rating in a research note on Friday, October 3rd. Morgan Stanley increased their price objective on shares of Bank of America from $50.00 to $66.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. Daiwa Capital Markets increased their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday. Finally, Robert W. Baird restated a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.11.

Bank of America Stock Down 0.9%

Shares of NYSE BAC opened at $49.82 on Thursday. The firm has a market capitalization of $369.01 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The firm's 50-day moving average is $49.50 and its 200-day moving average is $45.42.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 EPS. Equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a dividend of $0.28 per share. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America's dividend payout ratio is presently 32.75%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company's stock.

Bank of America 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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