Relyea Zuckerberg Hanson LLC Acquires 752 Shares of Bank of America Corporation $BAC

Relyea Zuckerberg Hanson LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,042 shares of the financial services provider’s stock after purchasing an additional 752 shares during the quarter. Relyea Zuckerberg Hanson LLC’s holdings in Bank of America were worth $854,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of BAC. Nicholas Hoffman & Company LLC. raised its holdings in shares of Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Prosperity Wealth Management Inc. bought a new stake in Bank of America in the 1st quarter worth approximately $998,000. Alpha Cubed Investments LLC raised its stake in Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after buying an additional 17,619 shares during the last quarter. International Assets Investment Management LLC raised its stake in Bank of America by 170.5% during the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock valued at $9,951,000 after buying an additional 150,299 shares during the last quarter. Finally, Commerce Bank lifted its holdings in shares of Bank of America by 2.3% during the 1st quarter. Commerce Bank now owns 1,124,755 shares of the financial services provider’s stock valued at $46,936,000 after buying an additional 25,618 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.3%

BAC opened at $50.63 on Monday. The stock has a market cap of $374.98 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm’s fifty day moving average is $49.37 and its 200 day moving average is $45.30. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88.

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, beating analysts’ consensus estimates 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 business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.83 earnings per share. On average, sell-side 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 business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s payout ratio is 32.75%.

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on BAC. Oppenheimer cut their price objective on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a research report on Saturday, September 27th. The Goldman Sachs Group increased their price objective on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday. Royal Bank Of Canada boosted their target price on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Finally, Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Nineteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by 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.