Orca Wealth Management LLC Buys 419 Shares of Bank of America Corporation $BAC

Orca Wealth Management LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,336 shares of the financial services provider’s stock after acquiring an additional 419 shares during the period. Bank of America comprises approximately 1.4% of Orca Wealth Management LLC’s investment portfolio, making the stock its 26th largest holding. Orca Wealth Management LLC’s holdings in Bank of America were worth $1,672,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Wealth Advisory Solutions LLC raised its stake in shares of Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares during the period. Centurion Wealth Management LLC raised its stake in shares of Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 225 shares during the period. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% during the 2nd 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 period. Cape Investment Advisory Inc. raised its stake in shares of Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 238 shares during the period. Finally, Rainier Family Wealth Inc. raised its stake in shares of Bank of America by 3.9% during the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 239 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 0.3%

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

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

Bank of America Increases Dividend

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

Bank of America declared that its board has authorized a share buyback 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 buy up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have recently commented on BAC. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday. Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Finally, Oppenheimer decreased their price objective on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Nineteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.38.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated 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 completion of the transaction, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by insiders.

Bank of America 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.