Bank of America Corporation $BAC Shares Purchased by Modera Wealth Management LLC

Modera Wealth Management LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 4.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 85,269 shares of the financial services provider’s stock after buying an additional 3,255 shares during the quarter. Modera Wealth Management LLC’s holdings in Bank of America were worth $4,035,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Deutsche Bank AG increased its position in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Amundi increased its stake in Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after buying an additional 188,638 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Bank of America by 5.7% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock valued at $783,759,000 after buying an additional 894,027 shares in the last quarter. Finally, National Pension Service grew its holdings in shares of Bank of America by 2.4% during the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after buying an additional 300,944 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $53.22 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.99. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $388.62 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The firm has a 50 day moving average of $51.33 and a 200-day moving average of $47.51.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter last year, the business posted $0.81 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on BAC shares. Argus raised their price target on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Piper Sandler increased their price objective on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Bank of America in a research report on Thursday. The Goldman Sachs Group decreased their price target on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Finally, Morgan Stanley raised their price objective on Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Company 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.