Stock Traders Buy Large Volume of Put Options on Bank of America Corporation (BAC)
Bank of America Corporation (NYSE:BAC) was the target of some unusual options trading activity on Thursday. Stock traders acquired 129,205 put options on the company. This represents an increase of 217% compared to the average volume of 40,793 put options.
A number of analysts recently commented on the stock. Vetr upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 target price for the company in a research note on Wednesday. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research note on Friday, August 11th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. Finally, Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-three have given a buy rating and three have given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $24.47.
In other news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now directly owns 50,000 shares in the company, 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 company insiders.
A number of large investors have recently added to or reduced their stakes in the business. First Command Financial Services Inc. increased its position in shares of Bank of America Corporation by 2.2% in the first quarter. First Command Financial Services Inc. now owns 15,324 shares of the financial services provider’s stock valued at $362,000 after buying an additional 325 shares in the last quarter. Viking Fund Management LLC purchased a new position in shares of Bank of America Corporation in the first quarter valued at $543,000. Howard Capital Management increased its position in shares of Bank of America Corporation by 216.4% in the first quarter. Howard Capital Management now owns 72,088 shares of the financial services provider’s stock valued at $1,701,000 after buying an additional 49,306 shares in the last quarter. Berkshire Asset Management LLC PA increased its position in shares of Bank of America Corporation by 1.1% in the first quarter. Berkshire Asset Management LLC PA now owns 149,536 shares of the financial services provider’s stock valued at $3,528,000 after buying an additional 1,700 shares in the last quarter. Finally, Addison Capital Co increased its position in shares of Bank of America Corporation by 0.9% in the first quarter. Addison Capital Co now owns 30,503 shares of the financial services provider’s stock valued at $720,000 after buying an additional 260 shares in the last quarter. Hedge funds and other institutional investors own 66.04% of the company’s stock.
Shares of Bank of America Corporation (NYSE BAC) opened at 22.89 on Friday. The firm has a market cap of $240.72 billion, a PE ratio of 13.63 and a beta of 1.26. Bank of America Corporation has a 1-year low of $14.81 and a 1-year high of $25.80. The company has a 50-day moving average of $24.01 and a 200-day moving average of $23.83.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The firm 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 was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 earnings per share. Analysts predict that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.12 dividend. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 2.10%. Bank of America Corporation’s dividend payout ratio is presently 28.57%.
Bank of America Corporation declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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.
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