Bank of America Corporation Sees Unusually Large Options Volume (BAC)
Bank of America Corporation (NYSE:BAC) saw unusually large options trading on Thursday. Traders bought 216,220 call options on the company. This is an increase of approximately 137% compared to the typical daily volume of 91,041 call options.
A number of research firms have recently commented on BAC. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. CIBC reaffirmed an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Buckingham Research reaffirmed a “buy” rating and set a $30.00 target price (up from $27.00) on shares of Bank of America Corporation in a research report on Monday, July 10th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $24.47.
Shares of Bank of America Corporation (BAC) opened at 22.89 on Friday. Bank of America Corporation has a 1-year low of $14.81 and a 1-year high of $25.80. The company has a market cap of $240.72 billion, a P/E ratio of 13.63 and a beta of 1.26. The stock’s 50 day moving average price is $24.01 and its 200 day moving average price is $23.83.
Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. Bank of America Corporation’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 EPS. Equities research analysts forecast that Bank of America Corporation will post $1.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a $0.12 dividend. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 2.10%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.
Bank of America Corporation declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in BAC. First Command Financial Services Inc. grew its holdings in Bank of America Corporation by 2.2% during the first quarter. First Command Financial Services Inc. now owns 15,324 shares of the financial services provider’s stock worth $362,000 after purchasing an additional 325 shares during the period. Viking Fund Management LLC bought a new position in Bank of America Corporation during the first quarter worth about $543,000. Howard Capital Management grew its holdings in Bank of America Corporation by 216.4% during the first quarter. Howard Capital Management now owns 72,088 shares of the financial services provider’s stock worth $1,701,000 after purchasing an additional 49,306 shares during the period. Berkshire Asset Management LLC PA grew its holdings in Bank of America Corporation by 1.1% during the first quarter. Berkshire Asset Management LLC PA now owns 149,536 shares of the financial services provider’s stock worth $3,528,000 after purchasing an additional 1,700 shares during the period. Finally, Addison Capital Co grew its holdings in Bank of America Corporation by 0.9% during the first quarter. Addison Capital Co now owns 30,503 shares of the financial services provider’s stock worth $720,000 after purchasing an additional 260 shares during the period. Institutional investors own 66.04% of the company’s stock.
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Bank of America Corporation Company Profile
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.
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