Eads & Heald Wealth Management Makes New Investment in Bank of America Corporation $BAC

Eads & Heald Wealth Management bought a new position in Bank of America Corporation (NYSE:BAC) in the second quarter, HoldingsChannel.com reports. The fund bought 4,707 shares of the financial services provider’s stock, valued at approximately $223,000.

Other large investors also recently modified their holdings of the company. Deutsche Bank AG boosted its position in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. Unisphere Establishment boosted its holdings in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in Bank of America in the second quarter worth about $164,623,000. Maverick Capital Ltd. bought a new stake in Bank of America during the 1st quarter worth about $152,098,000. Finally, AMF Tjanstepension AB lifted its position in Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after purchasing an additional 3,438,876 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Seaport Global Securities lifted their price target on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Wells Fargo & Company upped their target price on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a research note on Saturday, September 27th. Finally, Morgan Stanley lifted their price objective on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Nineteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.38.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $50.36 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The firm has a fifty day moving average of $49.42 and a 200-day moving average of $45.35. The firm has a market capitalization of $373.01 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33.

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, 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 for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the company posted $0.83 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. 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 announced that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.