Cheviot Value Management LLC Takes $581,000 Position in Bank of America Corporation (NYSE:BAC)

Cheviot Value Management LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 14,141 shares of the financial services provider's stock, valued at approximately $581,000.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Brighton Jones LLC increased its position 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 during the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after acquiring an additional 226,246 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in shares of Bank of America during the 4th quarter worth approximately $92,146,000. Oarsman Capital Inc. raised its stake in Bank of America by 0.8% in the 4th quarter. Oarsman Capital Inc. now owns 44,781 shares of the financial services provider's stock valued at $1,968,000 after acquiring an additional 367 shares during the period. Finally, Aviva PLC lifted its holdings in Bank of America by 14.5% during the 4th quarter. Aviva PLC now owns 4,198,358 shares of the financial services provider's stock valued at $184,518,000 after purchasing an additional 531,148 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Insider Buying and Selling

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

Bank of America Stock Performance

NYSE BAC opened at $45.65 on Friday. The company has a market cap of $343.83 billion, a P/E ratio of 13.35, a PEG ratio of 1.78 and a beta of 1.31. The company has a fifty day simple moving average of $46.27 and a 200 day simple moving average of $43.79. 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 12-month low of $33.06 and a 12-month high of $49.31.

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

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a $0.28 dividend. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.5%. Bank of America's dividend payout ratio (DPR) is 30.41%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. TD Cowen assumed coverage on Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 target price for the company. Oppenheimer lifted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday. UBS Group increased their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, Citigroup increased their price target on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.

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