Edgar Lomax Co. VA Has $22.92 Million Stock Position in Bank of America Corporation $BAC

Key Points

• Edgar Lomax Co. VA significantly increased its stake in Bank of America by 5,708.5%, owning 549,190 shares valued at approximately $22.9 million.
• Bank of America recently announced a quarterly dividend increase from $0.26 to $0.28, reflecting a 2.4% yield, and initiated a $40 billion stock repurchase program.
• Analyst ratings are mixed, with one "sell," five "hold," and seventeen "buy" ratings; the consensus rating is a "Moderate Buy" with an average target price of $50.13.

Edgar Lomax Co. VA raised its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 5,708.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 549,190 shares of the financial services provider's stock after buying an additional 539,735 shares during the period. Edgar Lomax Co. VA's holdings in Bank of America were worth $22,918,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in BAC. Brighton Jones LLC boosted its holdings in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Bank of America by 35.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after acquiring an additional 226,246 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Bank of America by 1,600.2% in the 4th quarter. Capital Research Global Investors now owns 7,590,335 shares of the financial services provider's stock valued at $333,595,000 after acquiring an additional 7,143,906 shares in the last quarter. MML Investors Services LLC lifted its position in shares of Bank of America by 6.3% in the 4th quarter. MML Investors Services LLC now owns 706,046 shares of the financial services provider's stock valued at $31,031,000 after acquiring an additional 42,015 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Bank of America by 11.2% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 85,782 shares of the financial services provider's stock valued at $3,770,000 after acquiring an additional 8,627 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 0.3%

BAC stock traded up $0.1450 during trading hours on Tuesday, hitting $48.0650. The company's stock had a trading volume of 33,716,220 shares, compared to its average volume of 32,971,898. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $356.02 billion, a PE ratio of 14.05, a price-to-earnings-growth ratio of 1.86 and a beta of 1.31. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The stock has a 50 day moving average price of $46.81 and a two-hundred day moving average price of $43.79.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.83 earnings per share. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. Bank of America's dividend payout ratio is presently 30.41%.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider directly 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. The Goldman Sachs Group upped their price target on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Oppenheimer upped their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $50.13.

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