Morningstar Investment Management LLC Buys 2,504 Shares of Bank of America Corporation $BAC

by · The Cerbat Gem

Morningstar Investment Management LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 15.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,564 shares of the financial services provider’s stock after purchasing an additional 2,504 shares during the period. Morningstar Investment Management LLC’s holdings in Bank of America were worth $878,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Harbour Trust & Investment Management Co acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $249,000. RFG Advisory LLC grew its position in shares of Bank of America by 119.7% during the 2nd quarter. RFG Advisory LLC now owns 35,408 shares of the financial services provider’s stock worth $1,676,000 after purchasing an additional 19,291 shares in the last quarter. Perfromance Wealth Partners LLC grew its position in shares of Bank of America by 67.8% during the 2nd quarter. Perfromance Wealth Partners LLC now owns 29,744 shares of the financial services provider’s stock worth $1,408,000 after purchasing an additional 12,020 shares in the last quarter. Naviter Wealth LLC grew its position in shares of Bank of America by 1.8% during the 2nd quarter. Naviter Wealth LLC now owns 80,957 shares of the financial services provider’s stock worth $3,831,000 after purchasing an additional 1,429 shares in the last quarter. Finally, Axxcess Wealth Management LLC grew its position in shares of Bank of America by 2.2% during the 2nd quarter. Axxcess Wealth Management LLC now owns 210,411 shares of the financial services provider’s stock worth $9,957,000 after purchasing an additional 4,475 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Performance

Shares of Bank of America stock opened at $48.86 on Tuesday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The firm has a market capitalization of $361.93 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.89 and a beta of 1.33. The company’s 50 day moving average price is $49.67 and its two-hundred day moving average price is $45.59.

Bank of America (NYSE:BACGet Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the business posted $0.83 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BAC. Evercore ISI increased their target price on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Finally, Truist Financial increased their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $54.64.

Read Our Latest Stock Analysis on Bank of America

Bank of America 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.

See Also

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