Stance Capital LLC Acquires New Position in Bank of America Corporation $BAC

Stance Capital LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 17,439 shares of the financial services provider’s stock, valued at approximately $825,000.

Several other hedge funds also recently made changes to their positions in BAC. Nova Wealth Management Inc. lifted its stake 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 purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC lifted 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 buying an additional 880 shares during the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at about $28,000. CGC Financial Services LLC grew its position in shares of 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 valued at $29,000 after buying an additional 521 shares during the last quarter. Finally, Wealth Preservation Advisors LLC raised its stake in Bank of America by 48.7% during the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 223 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $55.14 on Monday. The firm has a market capitalization of $402.66 billion, a PE ratio of 15.02 and a beta of 1.30. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a 50-day moving average price of $52.39 and a 200 day moving average price of $49.53. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $55.30.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 EPS. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BAC shares. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. HSBC upped their price objective on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Finally, Daiwa Capital Markets lifted their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average 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.