Sciencast Management LP Makes New Investment in Bank of America Corp (NYSE:BAC)

Sciencast Management LP acquired a new position in shares of Bank of America Corp (NYSE:BAC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 34,300 shares of the financial services provider’s stock, valued at approximately $820,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Lenox Wealth Advisors LLC boosted its position in shares of Bank of America by 111.9% in the second quarter. Lenox Wealth Advisors LLC now owns 1,106 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 584 shares during the last quarter. Center for Financial Planning Inc. boosted its position in shares of Bank of America by 122.7% in the first quarter. Center for Financial Planning Inc. now owns 1,361 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 750 shares during the last quarter. Stonebridge Financial Planning Group LLC boosted its position in shares of Bank of America by 208.0% in the first quarter. Stonebridge Financial Planning Group LLC now owns 1,494 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,009 shares during the last quarter. Firestone Capital Management boosted its position in shares of Bank of America by 39.0% in the first quarter. Firestone Capital Management now owns 1,786 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 501 shares during the last quarter. Finally, Semmax Financial Advisors Inc. raised its holdings in Bank of America by 490.1% in the first quarter. Semmax Financial Advisors Inc. now owns 1,965 shares of the financial services provider’s stock valued at $42,000 after buying an additional 1,632 shares during the period. Institutional investors and hedge funds own 68.99% of the company’s stock.

Shares of NYSE:BAC opened at $24.88 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.08. The company has a fifty day simple moving average of $24.13 and a 200 day simple moving average of $26.12. The firm has a market cap of $215.50 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 2.24 and a beta of 1.59. Bank of America Corp has a 12-month low of $17.95 and a 12-month high of $35.72.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, July 16th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $22.30 billion during the quarter, compared to analyst estimates of $21.71 billion. Bank of America had a net margin of 19.09% and a return on equity of 9.11%. The business’s revenue was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.74 earnings per share. As a group, equities research analysts forecast that Bank of America Corp will post 1.59 EPS for the current fiscal year.

The business 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 of this dividend is Thursday, September 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.89%. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.

Several research analysts recently commented 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 target on the stock in a report on Wednesday, May 27th. TheStreet lowered shares of Bank of America from a “b-” rating to a “c+” rating in a report on Monday, July 27th. Morgan Stanley raised their price target on shares of Bank of America from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, June 25th. Wells Fargo & Co lowered shares of Bank of America to a “sell” rating in a report on Friday, July 10th. Finally, Cfra cut their price target on shares of Bank of America from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $29.47.

In related news, major shareholder Berkshire Hathaway Inc purchased 16,424,366 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was acquired at an average price of $24.22 per share, for a total transaction of $397,798,144.52. In the last 90 days, insiders purchased 71,507,705 shares of company stock valued at $1,733,226,720. Insiders own 0.20% of the company’s stock.

Bank of America 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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