Capricorn Fund Managers Ltd boosted its position in shares of Bank of America Co. (NYSE:BAC) by 53.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 166,581 shares of the financial services provider’s stock after acquiring an additional 58,005 shares during the quarter. Bank of America accounts for approximately 1.7% of Capricorn Fund Managers Ltd’s investment portfolio, making the stock its 16th biggest position. Capricorn Fund Managers Ltd’s holdings in Bank of America were worth $4,779,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the company. Tanglewood Legacy Advisors LLC purchased a new stake in Bank of America during the 4th quarter worth about $26,000. FNY Investment Advisers LLC grew its position in shares of Bank of America by 75.9% during the second quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock worth $26,000 after buying an additional 397 shares in the last quarter. Castleview Partners LLC purchased a new stake in shares of Bank of America during the first quarter worth approximately $28,000. Ahrens Investment Partners LLC acquired a new stake in Bank of America in the first quarter valued at approximately $31,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Bank of America in the first quarter worth approximately $34,000. 68.06% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Bank of America
In other news, insider James P. Demare sold 75,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the completion of the transaction, the insider now directly owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 353,971 shares of the company’s stock, valued at approximately $11,143,007.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction, the insider now owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The disclosure for this sale can be found here. 0.27% of the stock is owned by corporate insiders.
Bank of America Trading Down 0.3 %
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. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The company had revenue of $25.20 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same period in the previous year, the company posted $0.73 EPS. Bank of America’s revenue was up 11.1% compared to the same quarter last year. Equities analysts forecast that Bank of America Co. will post 3.41 EPS for the current year.
Bank of America Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a dividend of $0.24 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.34%. The ex-dividend date is Thursday, August 31st. Bank of America’s dividend payout ratio is currently 27.59%.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on BAC shares. StockNews.com began coverage on shares of Bank of America in a research report on Thursday, August 17th. They set a “hold” rating for the company. HSBC started coverage on Bank of America in a research report on Thursday, September 7th. They set a “buy” rating and a $35.00 price objective for the company. BMO Capital Markets cut their target price on Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Wells Fargo & Company decreased their target price on Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, August 23rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $35.00 price objective on shares of Bank of America in a report on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $35.98.
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.
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