Blue Capital Inc. Makes New Investment in Bank of America Corporation $BAC

by · The Markets Daily

Blue Capital Inc. acquired a new position in Bank of America Corporation (NYSE:BAC – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 31,008 shares of the financial services provider’s stock, valued at approximately $1,467,000.

Several other hedge funds also recently modified their holdings of the stock. Quaker Wealth Management LLC boosted its holdings in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the last quarter. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at $28,000. CGC Financial Services LLC increased its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the last quarter. Finally, Wealth Preservation Advisors LLC raised its stake in shares of Bank of America by 48.7% during the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 223 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.1%

Shares of Bank of America stock opened at $55.14 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $55.30. The firm has a market cap of $402.66 billion, a PE ratio of 15.02 and a beta of 1.30. The company has a 50 day simple moving average of $52.39 and a two-hundred day simple moving average of $49.45.

Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the company posted $0.81 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. Analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America’s payout ratio is 30.52%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Phillip Securities boosted their target price on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Barclays lifted their price target on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Seaport Global Securities increased their price objective on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Argus raised their target price on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Finally, Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

View Our Latest Stock Analysis on Bank of America

About Bank of America

(Free Report)

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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