Cim Investment Management Inc. Buys 11,920 Shares of Bank of America Corporation $BAC

Cim Investment Management Inc. lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 99.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,880 shares of the financial services provider’s stock after purchasing an additional 11,920 shares during the period. Cim Investment Management Inc.’s holdings in Bank of America were worth $1,090,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of BAC. Boston Common Asset Management LLC grew its stake in shares of Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after buying an additional 24,740 shares in the last quarter. Disciplined Investments LLC bought a new position in shares of Bank of America in the 2nd quarter valued at about $217,000. Sunbeam Capital Management LLC increased its stake in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares during the last quarter. CCG Wealth Management LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at about $287,000. Finally, Community Financial Services Group LLC lifted its stake in Bank of America by 3.5% in the 2nd quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock valued at $8,000,000 after purchasing an additional 5,787 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.1%

BAC stock opened at $55.14 on Friday. The business’s fifty day moving average price is $52.39 and its two-hundred day moving average price is $49.49. The stock has a market capitalization of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $55.30. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 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 business had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the company posted $0.81 earnings per share. Bank of America’s revenue was up 10.8% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

Analyst Ratings Changes

Several research firms have issued reports on BAC. Evercore ISI upped their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Morgan Stanley cut their price target on Bank of America from $70.00 to $68.00 and set an “overweight” rating for the company in a report on Friday. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $58.00 price objective (up from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Finally, The Goldman Sachs Group cut their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Profile

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.