Investment Advisory Group LLC Buys 541 Shares of Bank of America Corporation $BAC

Investment Advisory Group LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 6.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,345 shares of the financial services provider’s stock after buying an additional 541 shares during the period. Investment Advisory Group LLC’s holdings in Bank of America were worth $395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. increased its position in Bank of America by 75.2% during the 2nd 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 in the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America during the 2nd quarter valued at about $28,000. Acima Private Wealth LLC acquired a new position in Bank of America during the 2nd quarter valued at about $33,000. Cloud Capital Management LLC acquired a new position in Bank of America during the 1st quarter valued at about $40,000. Finally, HighMark Wealth Management LLC increased its position in Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after buying an additional 743 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BAC shares. Truist Financial upped their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. JPMorgan Chase & Co. boosted their price target on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday. Evercore ISI boosted their price target on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $54.64.

Bank of America Stock Down 2.4%

Shares of BAC opened at $48.62 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $360.12 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.89 and a beta of 1.33. The stock’s 50-day moving average price is $49.61 and its 200-day moving average price is $45.52.

Bank of America (NYSE:BAC) last issued its 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the prior year, the business earned $0.83 earnings per share. The company’s revenue was up 4.3% compared to the same quarter last year. On average, sell-side 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. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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

Insider Activity at Bank of America

In other 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 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 Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by insiders.

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.