Bank of America Corporation $BAC Shares Bought by Resonant Capital Advisors LLC

Resonant Capital Advisors LLC raised its holdings in Bank of America Corporation (NYSE:BAC) by 35.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,276 shares of the financial services provider’s stock after purchasing an additional 6,384 shares during the period. Resonant Capital Advisors LLC’s holdings in Bank of America were worth $1,149,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in BAC. Deutsche Bank AG raised its position in shares of 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 purchasing an additional 14,960,086 shares in the last quarter. Unisphere Establishment raised its position in shares of Bank of America by 1,642.5% in the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after purchasing an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at approximately $164,623,000. Maverick Capital Ltd. acquired a new position in shares of Bank of America in the 1st quarter valued at approximately $152,098,000. Finally, AMF Tjanstepension AB increased its holdings in shares of Bank of America by 62.9% in 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 acquiring an additional 3,438,876 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction on 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 owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. UBS Group boosted their price target on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. The Goldman Sachs Group boosted their price target on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Phillip Securities boosted their price target on Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada boosted their price target on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $57.23.

Bank of America Price Performance

Shares of BAC opened at $52.44 on Monday. The company has a market cap of $388.38 billion, a P/E ratio of 14.29, a PEG ratio of 1.99 and a beta of 1.33. The stock has a fifty day moving average price of $50.58 and a 200 day moving average price of $46.45. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 EPS. On average, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has initiated a stock buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors 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 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

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.