4,249 Shares in Bank of America Corporation $BAC Acquired by Bell & Brown Wealth Advisors LLC

by · The Markets Daily

Bell & Brown Wealth Advisors LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,249 shares of the financial services provider’s stock, valued at approximately $201,000.

Other hedge funds have also modified their holdings of the company. Nova Wealth Management Inc. lifted its holdings in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new stake in Bank of America during the 2nd quarter worth about $28,000. CGC Financial Services LLC lifted its stake in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares in the last quarter. Acima Private Wealth LLC acquired a new position in shares of Bank of America in the second quarter worth about $33,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Bank of America in the first quarter worth about $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $51.28 on Friday. 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 Corporation has a one year low of $33.06 and a one year high of $52.88. The business’s 50-day moving average price is $50.11 and its two-hundred day moving average price is $45.79. The company has a market capitalization of $379.83 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33.

Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the company earned $0.81 EPS. The firm’s revenue was up 10.8% on a year-over-year basis. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a dividend of $0.28 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on BAC shares. Morgan Stanley upped their price target on shares of Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Royal Bank Of Canada increased their target price on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Saturday, October 11th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.76.

Get Our Latest Report on Bank of America

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.

Featured Articles