Soltis Investment Advisors LLC Grows Stock Holdings in Bank of America Corporation $BAC

by · The Markets Daily

Soltis Investment Advisors LLC grew its holdings in Bank of America Corporation (NYSE:BAC – Free Report) by 14.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,940 shares of the financial services provider’s stock after buying an additional 2,834 shares during the period. Soltis Investment Advisors LLC’s holdings in Bank of America were worth $1,086,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC raised its holdings in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Leavell Investment Management Inc. raised its stake in shares of Bank of America by 5.4% in the first quarter. Leavell Investment Management Inc. now owns 16,808 shares of the financial services provider’s stock valued at $701,000 after acquiring an additional 857 shares during the period. Rogco LP lifted its holdings in shares of Bank of America by 15.4% in the 1st quarter. Rogco LP now owns 22,623 shares of the financial services provider’s stock worth $944,000 after acquiring an additional 3,012 shares during the last quarter. tru Independence LLC boosted its stake in shares of Bank of America by 0.4% during the 1st quarter. tru Independence LLC now owns 182,756 shares of the financial services provider’s stock worth $7,626,000 after purchasing an additional 738 shares during the period. Finally, Stonebrook Private Inc. grew its holdings in Bank of America by 5.8% during the 1st quarter. Stonebrook Private Inc. now owns 19,584 shares of the financial services provider’s stock valued at $817,000 after purchasing an additional 1,081 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $53.38 on Friday. The firm has a market cap of $389.81 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.99. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company’s 50 day moving average is $51.28 and its 200 day moving average is $47.39.

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 analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business posted $0.81 EPS. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on BAC shares. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. Phillip Securities raised their price target on Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. The Goldman Sachs Group cut their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. TD Cowen upped their price target on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Oppenheimer raised their price target on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Check Out Our Latest Stock Report on Bank of America

About Bank of America

(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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