Wealthcare Capital Partners LLC Purchases 714 Shares of Bank of America Corporation $BAC

Wealthcare Capital Partners LLC raised its position in Bank of America Corporation (NYSE:BAC) by 9.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,373 shares of the financial services provider’s stock after buying an additional 714 shares during the quarter. Wealthcare Capital Partners LLC’s holdings in Bank of America were worth $396,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Wealthcare Advisory Partners LLC raised its stake in shares of Bank of America by 10.3% in the second quarter. Wealthcare Advisory Partners LLC now owns 68,073 shares of the financial services provider’s stock valued at $3,221,000 after buying an additional 6,371 shares during the period. Hill Island Financial LLC bought a new stake in shares of Bank of America in the second quarter valued at $226,000. Firethorn Wealth Partners LLC raised its stake in shares of Bank of America by 2.5% in the second quarter. Firethorn Wealth Partners LLC now owns 17,284 shares of the financial services provider’s stock valued at $818,000 after buying an additional 425 shares during the period. Boston Common Asset Management LLC raised its stake in shares of Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after buying an additional 24,740 shares during the period. Finally, Willner & Heller LLC raised its stake in shares of Bank of America by 7.3% during the 2nd quarter. Willner & Heller LLC now owns 5,995 shares of the financial services provider’s stock valued at $284,000 after purchasing an additional 407 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

Bank of America Trading Up 0.3%

BAC opened at $50.63 on Friday. The business has a 50 day simple moving average of $49.37 and a two-hundred day simple moving average of $45.28. The firm has a market capitalization of $374.98 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the company earned $0.83 EPS. The business’s revenue was up 4.3% compared to the same quarter last year. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has approved a share 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is presently 32.75%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Saturday, September 27th. Wells Fargo & Company boosted their price objective on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Robert W. Baird reiterated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday. Nineteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.38.

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.