Syverson Strege & Co Purchases New Shares in Bank of America Corporation $BAC

Syverson Strege & Co purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,715 shares of the financial services provider’s stock, valued at approximately $744,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Quaker Wealth Management LLC grew its position in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares in the last quarter. Nova Wealth Management Inc. boosted its holdings in Bank of America by 75.2% in the second 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. RMG Wealth Management LLC acquired a new position in Bank of America in the second quarter worth $28,000. CGC Financial Services LLC boosted its holdings in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Finally, Acima Private Wealth LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at about $33,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC opened at $53.55 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.64. The business has a fifty day simple moving average of $51.03 and a 200-day simple moving average of $46.96. The firm has a market cap of $396.63 billion, a PE ratio of 14.59, a P/E/G ratio of 1.99 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

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

Bank of America Dividend Announcement

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

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Oppenheimer upped their price target on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. JPMorgan Chase & Co. increased their price target on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday. Citigroup increased their price target on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Wells Fargo & Company increased their price target on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday. Finally, TD Cowen increased their price target on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.59.

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.