Bank of America Corporation $BAC Shares Purchased by Wealth Architects LLC

Wealth Architects LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,502 shares of the financial services provider’s stock after purchasing an additional 334 shares during the period. Wealth Architects LLC’s holdings in Bank of America were worth $1,396,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of BAC. Brighton Jones LLC raised its position in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the last quarter. GAMMA Investing LLC raised its position in Bank of America by 8.2% during the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock worth $4,654,000 after buying an additional 8,435 shares during the last quarter. Elevation Point Wealth Partners LLC raised its position in Bank of America by 35.2% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,181 shares of the financial services provider’s stock worth $216,000 after buying an additional 1,348 shares during the last quarter. CVA Family Office LLC raised its position in Bank of America by 21.1% during the 1st quarter. CVA Family Office LLC now owns 8,932 shares of the financial services provider’s stock worth $373,000 after buying an additional 1,557 shares during the last quarter. Finally, Cliftonlarsonallen Wealth Advisors LLC raised its position in Bank of America by 17.3% during the 1st quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 37,567 shares of the financial services provider’s stock worth $1,568,000 after buying an additional 5,528 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated 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 directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Wolfe Research upped their price objective on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a report on Wednesday, October 8th. Citigroup increased their price target on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Finally, Royal Bank Of Canada increased their price target on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $54.64.

Bank of America Stock Performance

NYSE:BAC opened at $48.62 on Monday. 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 firm has a 50-day moving average price of $49.61 and a two-hundred day moving average price of $45.54. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The company has a market capitalization of $360.12 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same period last year, the firm posted $0.83 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a stock buyback 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid 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 2.3%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 32.75%.

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.