Spectrum Financial Alliance Ltd LLC Acquires 462 Shares of Bank of America Corp (NYSE:BAC)
Spectrum Financial Alliance Ltd LLC boosted its holdings in Bank of America Corp (NYSE:BAC) by 0.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 740,382 shares of the financial services provider’s stock after buying an additional 462 shares during the period. Bank of America accounts for approximately 13.4% of Spectrum Financial Alliance Ltd LLC’s holdings, making the stock its 2nd largest holding. Spectrum Financial Alliance Ltd LLC’s holdings in Bank of America were worth $21,337,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. CNB Bank raised its holdings in shares of Bank of America by 188.4% in the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 620 shares during the period. Camarda Financial Advisors LLC raised its holdings in shares of Bank of America by 167.2% in the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,067 shares during the period. Mackey Komara & Dankovich LLC raised its holdings in shares of Bank of America by 57.6% in the 2nd quarter. Mackey Komara & Dankovich LLC now owns 3,484 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 1,274 shares during the period. Personal Wealth Partners purchased a new position in shares of Bank of America in the 2nd quarter worth about $68,000. Finally, CX Institutional raised its holdings in shares of Bank of America by 135.8% in the 2nd quarter. CX Institutional now owns 2,391 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,377 shares during the period. 68.48% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on BAC shares. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a report on Monday, June 17th. DZ Bank upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Morgan Stanley raised their target price on Bank of America from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Wells Fargo & Co set a $34.00 target price on Bank of America and gave the company a “buy” rating in a report on Friday, August 16th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $32.42.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. During the same period in the previous year, the business earned $0.63 EPS. Bank of America’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Corp will post 2.82 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 2.41%. Bank of America’s payout ratio is currently 27.59%.
Bank of America declared that its Board of Directors has approved a stock repurchase program on Thursday, June 27th that permits the company to repurchase $30.90 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.17% of the stock is owned by insiders.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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