KG&L Capital Management LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC – Free Report) by 28.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,697 shares of the financial services provider’s stock after purchasing an additional 29,496 shares during the quarter. Bank of America makes up 1.8% of KG&L Capital Management LLC’s portfolio, making the stock its 13th biggest holding. KG&L Capital Management LLC’s holdings in Bank of America were worth $3,836,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in BAC. PFG Advisors lifted its stake in shares of Bank of America by 15.2% in the 2nd quarter. PFG Advisors now owns 36,186 shares of the financial services provider’s stock valued at $1,038,000 after purchasing an additional 4,787 shares during the last quarter. Blossom Wealth Management lifted its stake in shares of Bank of America by 3.9% during the 2nd quarter. Blossom Wealth Management now owns 16,495 shares of the financial services provider’s stock worth $473,000 after acquiring an additional 616 shares during the last quarter. TBH Global Asset Management LLC lifted its stake in shares of Bank of America by 11.7% during the 2nd quarter. TBH Global Asset Management LLC now owns 13,888 shares of the financial services provider’s stock worth $398,000 after acquiring an additional 1,452 shares during the last quarter. ICICI Prudential Asset Management Co Ltd lifted its stake in shares of Bank of America by 17.0% during the 2nd quarter. ICICI Prudential Asset Management Co Ltd now owns 683,759 shares of the financial services provider’s stock worth $19,600,000 after acquiring an additional 99,200 shares during the last quarter. Finally, St. Johns Investment Management Company LLC increased its holdings in Bank of America by 1.6% during the 2nd quarter. St. Johns Investment Management Company LLC now owns 96,499 shares of the financial services provider’s stock worth $2,769,000 after purchasing an additional 1,506 shares during the period. Hedge funds and other institutional investors own 68.06% of the company’s stock.
Bank of America Trading Down 0.7 %
NYSE:BAC traded down $0.18 during trading hours on Friday, reaching $27.38. 40,386,746 shares of the stock were exchanged, compared to its average volume of 48,599,805. The company has a market capitalization of $217.57 billion, a price-to-earnings ratio of 7.90, a PEG ratio of 1.15 and a beta of 1.37. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.12. Bank of America Co. has a twelve month low of $26.32 and a twelve month high of $38.60. The business has a 50-day moving average of $29.63 and a two-hundred day moving average of $28.97.
Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.04. The business had revenue of $25.20 billion for the quarter, compared to analysts’ expectations of $24.98 billion. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the firm earned $0.73 earnings per share. On average, equities analysts predict that Bank of America Co. will post 3.4 EPS for the current year.
Bank of America Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.24 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, August 31st. This represents a $0.96 annualized dividend and a dividend yield of 3.51%. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
Insiders Place Their Bets
In other news, insider James P. Demare sold 75,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the completion of the sale, the insider now owns 185,108 shares in the company, valued at $5,836,455.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Dean C. Athanasia sold 77,806 shares of Bank of America stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the sale, the insider now directly owns 353,971 shares in the company, valued at approximately $11,143,007.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the sale, the insider now owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $35.00 price objective on shares of Bank of America in a report on Tuesday, September 12th. Morgan Stanley boosted their target price on Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. HSBC started coverage on Bank of America in a research note on Thursday, September 7th. They set a “buy” rating and a $35.00 target price on the stock. Oppenheimer dropped their target price on Bank of America from $49.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, BMO Capital Markets lowered their price target on Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Hold” and a consensus price target of $35.92.
Get Our Latest Analysis on Bank of America
About Bank of America
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
Further Reading
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Read More: KG&L Capital Management LLC Grows Stake in Bank of America Co. (NYSE:BAC)