GHP Investment Advisors Inc. Purchases 3,617 Shares of Bank of America Corporation $BAC

GHP Investment Advisors Inc. increased its position in Bank of America Corporation (NYSE:BAC) by 2.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 137,217 shares of the financial services provider’s stock after buying an additional 3,617 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Bank of America were worth $6,493,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Plato Investment Management Ltd lifted its position in Bank of America by 14.9% in the 2nd quarter. Plato Investment Management Ltd now owns 177,604 shares of the financial services provider’s stock worth $8,373,000 after buying an additional 23,018 shares during the last quarter. Frederick Financial Consultants LLC lifted its position in Bank of America by 18.0% in the 2nd quarter. Frederick Financial Consultants LLC now owns 7,514 shares of the financial services provider’s stock worth $356,000 after buying an additional 1,148 shares during the last quarter. Beam Wealth Advisors Inc. lifted its position in Bank of America by 11.4% in the 2nd quarter. Beam Wealth Advisors Inc. now owns 25,431 shares of the financial services provider’s stock worth $1,203,000 after buying an additional 2,611 shares during the last quarter. Gould Asset Management LLC CA lifted its position in Bank of America by 20.5% in the 2nd quarter. Gould Asset Management LLC CA now owns 9,479 shares of the financial services provider’s stock worth $449,000 after buying an additional 1,613 shares during the last quarter. Finally, Cooke & Bieler LP lifted its position in Bank of America by 109.6% in the 2nd quarter. Cooke & Bieler LP now owns 3,202,097 shares of the financial services provider’s stock worth $151,523,000 after buying an additional 1,674,090 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $53.55 on Monday. 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 Corporation has a 52-week low of $33.06 and a 52-week high of $53.64. The stock has a market capitalization of $396.63 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. The stock’s 50 day moving average price is $51.03 and its 200-day moving average price is $47.09.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. The business’s revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has initiated a stock buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

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

Analyst Ratings Changes

A number of research firms recently weighed in on BAC. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Citigroup boosted their price objective on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Daiwa Capital Markets boosted their price objective on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Finally, Piper Sandler boosted their price objective on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $57.59.

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.