Cheviot Value Management LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 14,141 shares of the financial services provider's stock, valued at approximately $581,000.
A number of other hedge funds have also made changes to their positions in the stock. Vega Investment Solutions bought a new stake in Bank of America in the fourth quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America during the fourth quarter valued at about $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $34,000. Glass Jacobson Investment Advisors llc increased its holdings in Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after buying an additional 276 shares during the period. Finally, Wood Tarver Financial Group LLC bought a new stake in Bank of America in the fourth quarter valued at about $38,000. Institutional investors and hedge funds own 70.71% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have recently commented on the stock. UBS Group boosted their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Barclays reduced their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Cfra Research boosted their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Finally, Morgan Stanley lifted their target price on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $50.13.
Check Out Our Latest Report on BAC
Insider Activity at Bank of America
In other news, insider James P. Demare sold 148,391 shares of the company'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 value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.30% of the company's stock.
Bank of America Price Performance
Shares of NYSE:BAC traded down $0.13 on Wednesday, reaching $45.44. 27,706,427 shares of the company were exchanged, compared to its average volume of 42,827,309. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $49.31. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company has a 50-day moving average of $46.35 and a 200-day moving average of $43.78. The firm has a market cap of $336.53 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 1.78 and a beta of 1.31.
Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the business earned $0.83 earnings per share. The business's revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.
Bank of America Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.5%. Bank of America's dividend payout ratio (DPR) is currently 30.41%.
Bank of America declared that its board has approved a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.
About Bank of America
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Free Report)
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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