Bank of America Corporation $BAC Shares Bought by WealthPlan Investment Management LLC

WealthPlan Investment Management LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 11.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,356 shares of the financial services provider’s stock after buying an additional 1,414 shares during the quarter. WealthPlan Investment Management LLC’s holdings in Bank of America were worth $632,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Wealth Advisory Solutions LLC grew its holdings in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after buying an additional 214 shares during the period. Cyndeo Wealth Partners LLC grew its holdings in Bank of America by 0.8% in the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after buying an additional 221 shares during the period. Centurion Wealth Management LLC grew its holdings in Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after buying an additional 225 shares during the period. Nova Wealth Management Inc. grew its holdings 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 period. Finally, Cape Investment Advisory Inc. grew its holdings 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 period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 3.6%

NYSE:BAC opened at $50.38 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The stock has a market cap of $373.16 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 2.01 and a beta of 1.33. The business has a fifty day moving average of $50.00 and a 200-day moving average of $45.73. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm 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. The ex-dividend date of this dividend 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 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BAC shares. Seaport Global Securities boosted their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Wolfe Research upped their target price on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. JPMorgan Chase & Co. upped their price target on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $58.00 price target (up from $57.00) on shares of Bank of America in a research report on Thursday. Finally, Royal Bank Of Canada upped their price objective on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $56.18.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction on 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 transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

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.