Bank of America Corporation $BAC Shares Acquired by Sonora Investment Management Group LLC

Sonora Investment Management Group LLC grew its stake in Bank of America Corporation (NYSE:BAC) by 62.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,075 shares of the financial services provider’s stock after purchasing an additional 5,021 shares during the period. Sonora Investment Management Group LLC’s holdings in Bank of America were worth $619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in BAC. Brighton Jones LLC grew its position in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Bank of America by 4,414.4% in the first quarter. GAMMA Investing LLC now owns 4,654,022 shares of the financial services provider’s stock valued at $194,212,000 after purchasing an additional 4,550,930 shares in the last quarter. First County Bank CT grew its position in Bank of America by 7.8% in the first quarter. First County Bank CT now owns 5,942 shares of the financial services provider’s stock worth $248,000 after acquiring an additional 431 shares during the period. Atlas Brown Inc. grew its position in Bank of America by 0.8% in the first quarter. Atlas Brown Inc. now owns 38,898 shares of the financial services provider’s stock worth $1,623,000 after acquiring an additional 308 shares during the period. Finally, Beese Fulmer Investment Management Inc. grew its position in Bank of America by 23.3% in the first quarter. Beese Fulmer Investment Management Inc. now owns 8,633 shares of the financial services provider’s stock worth $360,000 after acquiring an additional 1,632 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction 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 sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Bank of America Stock Up 0.7%

Shares of NYSE BAC opened at $52.21 on Friday. The stock has a market cap of $386.72 billion, a P/E ratio of 15.27, a PEG ratio of 2.02 and a beta of 1.34. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The business’s fifty day simple moving average is $49.07 and its 200-day simple moving average is $44.93.

Bank of America (NYSE:BAC) last announced 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. The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $0.83 earnings per share. As a group, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock 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 repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is 32.75%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. The Goldman Sachs Group increased their price objective on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and increased their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Wells Fargo & Company increased their price objective on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Citigroup increased their price objective on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Finally, Truist Financial upped their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.92.

Bank of America Profile

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.