Bryn Mawr Trust Advisors LLC Acquires 1,866 Shares of Bank of America Corporation $BAC

Bryn Mawr Trust Advisors LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 11.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,838 shares of the financial services provider’s stock after buying an additional 1,866 shares during the period. Bryn Mawr Trust Advisors LLC’s holdings in Bank of America were worth $844,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Brighton Jones LLC grew its stake in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. Leavell Investment Management Inc. lifted its stake in Bank of America by 5.4% in the first quarter. Leavell Investment Management Inc. now owns 16,808 shares of the financial services provider’s stock valued at $701,000 after buying an additional 857 shares during the period. Processus Wealth & Capital Management LLC boosted its holdings in Bank of America by 1.0% during the first quarter. Processus Wealth & Capital Management LLC now owns 77,464 shares of the financial services provider’s stock worth $3,233,000 after buying an additional 769 shares during the last quarter. Clarity Wealth Advisors LLC boosted its holdings in Bank of America by 35.5% during the first quarter. Clarity Wealth Advisors LLC now owns 7,501 shares of the financial services provider’s stock worth $313,000 after buying an additional 1,964 shares during the last quarter. Finally, Diversify Wealth Management LLC grew its position in shares of Bank of America by 37.3% during the 1st quarter. Diversify Wealth Management LLC now owns 106,239 shares of the financial services provider’s stock worth $4,248,000 after buying an additional 28,860 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.1%

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

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, beating the consensus estimate of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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 is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

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

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Seaport Global Securities upped their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Wells Fargo & Company raised their price objective on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Finally, Oppenheimer boosted their target price on Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

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.