Griffin Asset Management Inc. Acquires 910 Shares of Bank of America Corporation $BAC

Griffin Asset Management Inc. grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 339,304 shares of the financial services provider’s stock after purchasing an additional 910 shares during the period. Bank of America comprises 1.9% of Griffin Asset Management Inc.’s holdings, making the stock its 9th largest holding. Griffin Asset Management Inc.’s holdings in Bank of America were worth $16,056,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Boston Common Asset Management LLC boosted its position in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares in the last quarter. Nicholas Hoffman & Company LLC. raised its stake in shares of Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after acquiring an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC raised its stake in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares during the last quarter. Prosperity Wealth Management Inc. bought a new position in Bank of America during the first quarter worth $998,000. Finally, Alpha Cubed Investments LLC raised its stake in Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after buying an additional 17,619 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $48.62 on Monday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The stock has a market capitalization of $360.12 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. The company has a fifty day moving average of $49.61 and a 200-day moving average of $45.54. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the prior year, the company earned $0.83 EPS. The firm’s revenue was up 4.3% on a year-over-year basis. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has approved a stock buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. Bank of America’s payout ratio is 32.75%.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. UBS Group raised their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Morgan Stanley boosted their price target on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Royal Bank Of Canada boosted their price target on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, October 1st. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Finally, The Goldman Sachs Group boosted their price target on shares of Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.64.

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.