Carl P. Sherr & Co. LLC Boosts Stake in Bank of America Corp (NYSE:BAC)

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Carl P. Sherr & Co. LLC raised its stake in shares of Bank of America Corp (NYSE:BAC) by 40.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,257 shares of the financial services provider’s stock after acquiring an additional 4,422 shares during the period. Carl P. Sherr & Co. LLC’s holdings in Bank of America were worth $362,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. TCTC Holdings LLC raised its stake in shares of Bank of America by 0.7% in the first quarter. TCTC Holdings LLC now owns 1,076,922 shares of the financial services provider’s stock valued at $22,863,000 after acquiring an additional 6,980 shares in the last quarter. Boothe Investment Group Inc. purchased a new stake in shares of Bank of America during the 2nd quarter worth approximately $4,233,000. Schneider Downs Wealth Management Advisors LP acquired a new position in shares of Bank of America in the 1st quarter valued at $243,000. JCIC Asset Management Inc. boosted its holdings in shares of Bank of America by 28.2% in the 1st quarter. JCIC Asset Management Inc. now owns 3,245 shares of the financial services provider’s stock valued at $69,000 after buying an additional 713 shares in the last quarter. Finally, PFG Advisors grew its position in shares of Bank of America by 24.2% in the 1st quarter. PFG Advisors now owns 11,806 shares of the financial services provider’s stock valued at $266,000 after buying an additional 2,299 shares during the last quarter. 68.99% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Bank of America from a “strong sell” rating to a “hold” rating and set a $26.00 price objective for the company in a research note on Wednesday, May 27th. DA Davidson downgraded Bank of America from a “buy” rating to a “neutral” rating and reduced their target price for the company from $27.00 to $25.00 in a report on Thursday, July 9th. Barclays restated a “buy” rating and set a $33.00 price target on shares of Bank of America in a research note on Thursday, April 9th. Oppenheimer boosted their price objective on Bank of America from $30.00 to $33.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Finally, Societe Generale raised Bank of America from a “hold” rating to a “buy” rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $29.47.

In other Bank of America news, major shareholder Berkshire Hathaway Inc acquired 16,424,366 shares of the business’s stock in a transaction on Monday, July 27th. The stock was purchased at an average price of $24.22 per share, for a total transaction of $397,798,144.52. Insiders have purchased 71,507,705 shares of company stock worth $1,733,226,720 in the last ninety days. 0.20% of the stock is currently owned by corporate insiders.

Shares of Bank of America stock traded down $0.09 on Friday, reaching $24.75. 50,390,727 shares of the stock were exchanged, compared to its average volume of 60,384,744. The firm has a market capitalization of $214.68 billion, a PE ratio of 11.93, a PEG ratio of 2.29 and a beta of 1.59. Bank of America Corp has a 1-year low of $17.95 and a 1-year high of $35.72. The business has a fifty day moving average price of $24.16 and a two-hundred day moving average price of $26.17. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.09. The company had revenue of $22.30 billion for the quarter, compared to analyst estimates of $21.71 billion. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.74 EPS. Research analysts expect that Bank of America Corp will post 1.58 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a $0.18 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.91%. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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