Iron Horse Wealth Management LLC Increases Position in Bank of America Corporation $BAC

Iron Horse Wealth Management LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 355.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,076 shares of the financial services provider’s stock after buying an additional 2,400 shares during the period. Iron Horse Wealth Management LLC’s holdings in Bank of America were worth $146,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Deutsche Bank AG lifted its stake in Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Unisphere Establishment lifted its stake in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Bank of America in the second quarter valued at approximately $164,623,000. Maverick Capital Ltd. purchased a new position in Bank of America in the first quarter valued at approximately $152,098,000. Finally, AMF Tjanstepension AB lifted its stake in Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after purchasing an additional 3,438,876 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on BAC shares. Evercore ISI upped their price objective on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft increased their target price on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. HSBC increased their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Finally, Royal Bank Of Canada increased their target price on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday. Nineteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.38.

Bank of America Trading Up 0.3%

Bank of America stock opened at $50.63 on Friday. The stock has a market cap of $374.98 billion, a P/E ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm’s fifty day moving average price is $49.37 and its 200-day moving average price is $45.28. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.83 earnings per share. Equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date of this dividend 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 2.2%. Bank of America’s payout ratio is currently 32.75%.

Bank of America declared that its board has approved a share buyback plan 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related 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 transaction, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

About Bank of America

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.