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

Naviter Wealth LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 80,957 shares of the financial services provider’s stock after purchasing an additional 1,429 shares during the period. Naviter Wealth LLC’s holdings in Bank of America were worth $3,831,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Wealth Advisory Solutions LLC raised its position in shares of Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares during the last quarter. Cyndeo Wealth Partners LLC raised its position in shares of Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 221 shares during the last quarter. Centurion Wealth Management LLC raised its position in shares of Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 225 shares during the last quarter. Nova Wealth Management Inc. raised its position in shares of 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 worth $25,000 after purchasing an additional 227 shares during the last quarter. Finally, Cape Investment Advisory Inc. raised its position in shares of Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 238 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $48.86 on Tuesday. The firm has a 50 day simple moving average of $49.67 and a 200-day simple moving average of $45.59. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market cap of $361.93 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly 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 business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the prior year, the company posted $0.83 EPS. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has approved a stock repurchase program 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 repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This is a positive change 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 annualized dividend and a dividend yield of 2.3%. Bank of America’s dividend payout ratio is currently 32.75%.

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 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 directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BAC shares. Seaport Global Securities upped their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Royal Bank Of Canada upped their price objective on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Wolfe Research upped their price objective on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Finally, Citigroup upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.64.

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.