Pillar Pacific Capital Management LLC increased its holdings in shares of Bank of America Corp (NYSE:BAC) by 0.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 375,152 shares of the financial services provider’s stock after purchasing an additional 1,987 shares during the quarter. Bank of America accounts for about 1.2% of Pillar Pacific Capital Management LLC’s investment portfolio, making the stock its 18th largest holding. Pillar Pacific Capital Management LLC’s holdings in Bank of America were worth $10,879,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of BAC. CNB Bank grew its position in Bank of America by 188.4% in the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 620 shares in the last quarter. Paragon Capital Management LLC purchased a new position in shares of Bank of America during the 1st quarter valued at approximately $33,000. Camarda Financial Advisors LLC boosted its stake in shares of Bank of America by 167.2% during the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,067 shares during the last quarter. First Financial Corp IN boosted its stake in shares of Bank of America by 77.9% during the 1st quarter. First Financial Corp IN now owns 2,283 shares of the financial services provider’s stock valued at $63,000 after buying an additional 1,000 shares during the last quarter. Finally, WP Advisors LLC purchased a new position in shares of Bank of America during the 1st quarter valued at approximately $63,000. 68.50% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently commented on the company. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and increased their target price for the company from $32.00 to $36.00 in a research note on Friday, July 26th. Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price for the company. in a research note on Tuesday, April 30th. JPMorgan Chase & Co. reduced their target price on Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. Wells Fargo & Co set a $34.00 target price on Bank of America and gave the company a “buy” rating in a research note on Friday, August 16th. Finally, BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a research note on Monday, June 17th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $32.75.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same period last year, the business posted $0.63 earnings per share. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. Sell-side analysts expect that Bank of America Corp will post 2.83 EPS for the current year.
Bank of America declared that its Board of Directors has initiated a stock buyback program on Thursday, June 27th that permits the company to buyback $30.90 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 2.72%. Bank of America’s dividend payout ratio (DPR) is 22.99%.
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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