Bank of America Corporation $BAC Shares Acquired by Iowa State Bank

Iowa State Bank boosted its position in Bank of America Corporation (NYSE:BAC) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 97,068 shares of the financial services provider’s stock after acquiring an additional 1,032 shares during the quarter. Iowa State Bank’s holdings in Bank of America were worth $4,593,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the period. Cloud Capital Management LLC acquired a new stake in shares of Bank of America in the first quarter worth $40,000. HighMark Wealth Management LLC raised its stake in shares of Bank of America by 233.6% in the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 743 shares during the period. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 37.1% during the 1st quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 313 shares in the last quarter. Finally, MorganRosel Wealth Management LLC purchased a new stake in Bank of America during the 1st quarter worth $50,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC stock opened at $50.63 on Monday. The firm has a fifty day moving average of $49.37 and a two-hundred day moving average of $45.30. The firm has a market cap of $374.98 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 1-year low of $33.06 and a 1-year 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.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate 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, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is currently 32.75%.

Insider Transactions at Bank of America

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

Analyst Ratings Changes

A number of brokerages have commented on BAC. The Goldman Sachs Group boosted their price objective on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday. HSBC boosted their price target on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday. Citigroup increased their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a report on Saturday, September 27th. Nineteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

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.