Townsquare Capital LLC Has $18.81 Million Stake in Bank of America Corporation (NYSE:BAC)

Townsquare Capital LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 4.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 450,774 shares of the financial services provider's stock after purchasing an additional 19,669 shares during the quarter. Townsquare Capital LLC's holdings in Bank of America were worth $18,811,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in shares of Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Capital World Investors grew its position in shares of Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Northern Trust Corp raised its holdings in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock valued at $2,521,218,000 after purchasing an additional 803,570 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Insider Buying and Selling

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 value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company's stock, valued at $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 SEC, which is available at the SEC website. Company insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. The Goldman Sachs Group raised their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target for the company. Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Finally, Oppenheimer raised their target price on Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have assigned a buy rating to the company's stock. According to MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $50.13.

Bank of America Stock Down 1.2%

Shares of NYSE:BAC opened at $44.87 on Friday. The company has a market cap of $332.34 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 1.76 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 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 price of $46.39 and a 200 day moving average price of $43.78.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the firm earned $0.83 earnings per share. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has authorized a stock buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.5%. Bank of America's payout ratio is 30.41%.

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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