Taylor Financial Group Inc. Purchases Shares of 4,363 Bank of America Corporation $BAC

Taylor Financial Group Inc. purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 4,363 shares of the financial services provider’s stock, valued at approximately $206,000.

A number of other hedge funds have also recently made changes to their positions in the business. Nova Wealth Management Inc. grew its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares in the last quarter. RMG Wealth Management LLC purchased a new position in Bank of America during the 2nd quarter worth $28,000. CGC Financial Services LLC boosted its holdings in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 521 shares during the last quarter. Acima Private Wealth LLC purchased a new position in Bank of America during the 2nd quarter worth $33,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America during the first quarter valued at about $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Evercore ISI raised their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Deutsche Bank Aktiengesellschaft upped their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Finally, The Goldman Sachs Group boosted their price objective on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.32.

Bank of America Stock Performance

Shares of BAC opened at $52.98 on Tuesday. The firm has a market cap of $392.43 billion, a PE ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.33. The stock’s fifty day moving average price is $50.68 and its two-hundred day moving average price is $46.56. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.07.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 EPS. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

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.