Olistico Wealth LLC Invests $135,000 in Bank of America Corporation $BAC

Olistico Wealth LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, Holdings Channel.com reports. The fund bought 2,843 shares of the financial services provider’s stock, valued at approximately $135,000.

Several other institutional investors also recently added to or reduced their stakes in BAC. Wealth Advisory Solutions LLC boosted its holdings in shares of Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the period. Centurion Wealth Management LLC raised its position in 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 valued at $467,000 after purchasing an additional 225 shares in the last quarter. Nova Wealth Management Inc. lifted its holdings in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the period. Cape Investment Advisory Inc. grew its position 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 buying an additional 238 shares in the last quarter. Finally, Rainier Family Wealth Inc. increased its stake in shares of Bank of America by 3.9% during the second quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock valued at $303,000 after buying an additional 239 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.3%

Bank of America stock opened at $50.63 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a market cap of $374.98 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The stock has a 50-day moving average of $49.37 and a two-hundred day moving average of $45.28. 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 posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.83 earnings per share. On average, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

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

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Wells Fargo & Company boosted their price target on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Finally, Evercore ISI raised their price objective on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday. Nineteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus 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.