Bank of America Corporation $BAC Shares Acquired by Amalgamated Bank

Amalgamated Bank lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 0.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,297,103 shares of the financial services provider’s stock after purchasing an additional 7,725 shares during the period. Bank of America comprises 0.5% of Amalgamated Bank’s portfolio, making the stock its 26th largest position. Amalgamated Bank’s holdings in Bank of America were worth $61,379,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in BAC. Deutsche Bank AG lifted its position in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. Unisphere Establishment increased its stake in shares of Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after buying an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in shares of Bank of America in the second quarter worth $164,623,000. Maverick Capital Ltd. bought a new stake in shares of Bank of America in the first quarter worth $152,098,000. Finally, AMF Tjanstepension AB increased its stake in shares of Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after buying an additional 3,438,876 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Daiwa Capital Markets lifted their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. TD Cowen lifted their price target on shares of Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Royal Bank Of Canada boosted their target price on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Finally, 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. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.27.

Bank of America Stock Performance

Shares of BAC opened at $52.58 on Thursday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.28. The company has a market cap of $389.43 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 2.00 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a fifty day moving average of $50.86 and a 200-day moving average of $46.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) 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 company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued 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 dividend yield of 2.1%. Bank of America’s payout ratio is 30.52%.

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