Pensions

British Airways Pensions Investment Management Ltd Acquires 305,763 Shares of Bank of America Corporation (BAC)

British Airways Pensions Investment Management Ltd increased its position in Bank of America Corporation (NYSE:BAC) by 17.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,079,495 shares of the financial services provider’s stock after buying an additional 305,763 shares during the period. Bank of America Corporation accounts for 1.5% of British Airways Pensions Investment Management Ltd’s holdings, making the stock its 18th largest position. British Airways Pensions Investment Management Ltd’s holdings in Bank of America Corporation were worth $49,030,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Capital Management Corp VA increased its position in Bank of America Corporation by 0.3% in the first quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after buying an additional 33 shares in the last quarter. Welch Group LLC increased its position in Bank of America Corporation by 0.4% in the first quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock valued at $237,000 after buying an additional 42 shares in the last quarter. WealthTrust Axiom LLC increased its position in Bank of America Corporation by 0.3% in the first quarter. WealthTrust Axiom LLC now owns 23,366 shares of the financial services provider’s stock valued at $551,000 after buying an additional 70 shares in the last quarter. Glassman Wealth Services increased its position in Bank of America Corporation by 0.7% in the fourth quarter. Glassman Wealth Services now owns 14,295 shares of the financial services provider’s stock valued at $316,000 after buying an additional 100 shares in the last quarter. Finally, Horrell Capital Management Inc. increased its position in Bank of America Corporation by 0.3% in the first quarter. Horrell Capital Management Inc. now owns 37,950 shares of the financial services provider’s stock valued at $895,000 after buying an additional 100 shares in the last quarter. 65.75% of the stock is owned by institutional investors and hedge funds.

Bank of America Corporation (NYSE:BAC) traded up 0.46% during midday trading on Monday, hitting $23.91. The stock had a trading volume of 51,382,722 shares. Bank of America Corporation has a 12-month low of $14.09 and a 12-month high of $25.80. The stock has a market cap of $251.45 billion, a P/E ratio of 14.16 and a beta of 1.27. The company’s 50-day moving average price is $23.79 and its 200 day moving average price is $23.63.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 2nd were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, May 31st. This represents a $0.30 annualized dividend and a yield of 1.25%. Bank of America Corporation’s dividend payout ratio is 17.86%.

Bank of America Corporation announced that its board has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

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Several equities analysts have weighed in on BAC shares. Vining Sparks raised Bank of America Corporation to a “strong-buy” rating and set a $28.00 target price for the company in a research report on Wednesday, April 19th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a research note on Wednesday, May 3rd. Vetr cut Bank of America Corporation from a “strong-buy” rating to a “buy” rating and set a $26.28 price objective for the company. in a research note on Tuesday, May 2nd. Jefferies Group LLC restated a “buy” rating and set a $28.00 target price on shares of Bank of America Corporation in a research note on Friday, May 5th. Finally, Barclays PLC restated an “equal weight” rating and set a $28.00 target price (up previously from $26.00) on shares of Bank of America Corporation in a research note on Saturday, April 22nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $23.74.

In related news, Director Thomas D. Woods acquired 25,000 shares of the firm’s stock in a transaction on Thursday, April 27th. The shares were bought at an average cost of $23.81 per share, with a total value of $595,250.00. Following the completion of the acquisition, the director now owns 40,830 shares of the company’s stock, valued at $972,162.30. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.18% of the company’s stock.

About Bank of America Corporation

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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