5,422 Shares in Bank of America Corporation $BAC Acquired by Condor Capital Management

by · The Cerbat Gem

Condor Capital Management bought a new position in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 5,422 shares of the financial services provider’s stock, valued at approximately $257,000.

A number of other hedge funds have also recently made changes to their positions in BAC. Quaker Wealth Management LLC boosted its stake in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the period. Nova Wealth Management Inc. raised its holdings in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Bank of America in the 2nd quarter valued at about $28,000. CGC Financial Services LLC boosted its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC purchased a new position in shares of Bank of America during the second quarter worth about $33,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $52.57 on Friday. The company has a 50-day simple moving average of $51.63 and a two-hundred day simple moving average of $47.99. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69. The firm has a market cap of $383.88 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.99 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.81 EPS. On average, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase program 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 reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Seaport Global Securities raised their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Robert W. Baird upped their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Wells Fargo & Company raised their price target on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Finally, Citigroup lifted their price target on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Read Our Latest Stock 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.

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