Fluent Financial LLC Purchases Shares of 31,146 Bank of America Corporation $BAC

Fluent Financial LLC acquired a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 31,146 shares of the financial services provider’s stock, valued at approximately $1,474,000.

Other institutional investors also recently modified their holdings of the company. Nova Wealth Management Inc. grew its position in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America in the 2nd quarter worth about $28,000. Cloud Capital Management LLC bought a new stake in Bank of America during the first quarter worth about $40,000. HighMark Wealth Management LLC increased its stake in shares of Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 743 shares in the last quarter. Finally, Highline Wealth Partners LLC grew its stake in shares of Bank of America by 37.1% in the 1st quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock worth $48,000 after buying an additional 313 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a report on Wednesday. Royal Bank Of Canada lifted their price target on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Truist Financial raised their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Robert W. Baird reissued a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $54.11.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

BAC opened at $49.82 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company has a market cap of $369.01 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.95 and a beta of 1.33. The company’s 50 day moving average is $49.50 and its 200 day moving average is $45.42. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88.

Bank of America (NYSE:BAC) last announced its 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 during 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 firm’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.83 earnings per share. On average, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced 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. This represents a $1.12 annualized dividend and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

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.