Andina Capital Management LLC Acquires 1,482 Shares of Bank of America Corporation $BAC

by · The Cerbat Gem

Andina Capital Management LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 29.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 6,482 shares of the financial services provider’s stock after purchasing an additional 1,482 shares during the quarter. Andina Capital Management LLC’s holdings in Bank of America were worth $270,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Nicholas Hoffman & Company LLC. raised its holdings in shares of Bank of America by 121.0% in 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 buying an additional 33,963 shares during the last quarter. Gradient Investments LLC raised its holdings in shares of Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after buying an additional 50,296 shares during the last quarter. Prosperity Wealth Management Inc. bought a new position in shares of Bank of America in the first quarter valued at about $998,000. Alpha Cubed Investments LLC raised its holdings in shares of Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after buying an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Bank of America by 170.5% in the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock valued at $9,951,000 after buying an additional 150,299 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. TD Cowen assumed coverage on Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective for the company. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Finally, Truist Financial lifted their price objective on Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.13.

Check Out Our Latest Report on BAC

Bank of America Price Performance

Shares of BAC opened at $47.92 on Tuesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a 50 day simple moving average of $46.75 and a 200 day simple moving average of $43.76. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $49.31. The firm has a market capitalization of $354.94 billion, a PE ratio of 14.01, a P/E/G ratio of 1.82 and a beta of 1.31.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the firm earned $0.83 EPS. Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. Sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

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

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Company Profile

(Free Report)

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.

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