Von Berge Wealth Management Group LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,993 shares of the financial services provider’s stock, valued at approximately $239,000.
Several other large investors have also modified their holdings of BAC. Aberdeen Group plc lifted its holdings in Bank of America by 6.3% in the second quarter. Aberdeen Group plc now owns 5,893,238 shares of the financial services provider’s stock worth $279,664,000 after acquiring an additional 350,450 shares during the last quarter. Pinnacle West Asset Management Inc. bought a new position in shares of Bank of America during the second quarter valued at approximately $247,000. Acima Private Wealth LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $33,000. JFS Wealth Advisors LLC lifted its holdings in shares of Bank of America by 11.4% in the 2nd quarter. JFS Wealth Advisors LLC now owns 20,892 shares of the financial services provider’s stock worth $989,000 after purchasing an additional 2,144 shares during the last quarter. Finally, Blue Zone Wealth Advisors LLC lifted its holdings in shares of Bank of America by 12.5% in the 2nd quarter. Blue Zone Wealth Advisors LLC now owns 5,641 shares of the financial services provider’s stock worth $267,000 after purchasing an additional 628 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.
Insider Transactions at Bank of America
In other Bank of America 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 value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.
Bank of America Trading Down 2.4%
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) 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 analyst estimates 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 quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.83 earnings per share. On average, research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.
Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
Bank of America Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.3%. This is a positive change 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%.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on BAC shares. Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Saturday. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Robert W. Baird reiterated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Daiwa Capital Markets raised their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective 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 analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.64.
Get Our Latest Stock Analysis on Bank of America
Bank of America Company 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.
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