Nicholas Wealth LLC. Acquires 1,682 Shares of Bank of America Corporation $BAC

Nicholas Wealth LLC. increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 6.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,086 shares of the financial services provider’s stock after acquiring an additional 1,682 shares during the quarter. Nicholas Wealth LLC.’s holdings in Bank of America were worth $1,376,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Wealth Advisory Solutions LLC increased its holdings 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. Ballast Advisors LLC grew its position in Bank of America by 4.1% during the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after buying an additional 218 shares in the last quarter. Cyndeo Wealth Partners LLC grew its position in Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after buying an additional 221 shares in the last quarter. Centurion Wealth Management LLC increased its stake in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares during the period. Finally, Nova Wealth Management Inc. raised its holdings in 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 valued at $25,000 after acquiring an additional 227 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.3%

BAC opened at $51.64 on Wednesday. The firm has a market cap of $377.08 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm’s 50-day simple moving average is $51.70 and its 200-day simple moving average is $48.26. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the firm posted $0.81 EPS. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio is 30.52%.

Bank of America declared that its Board of Directors has initiated a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have recently weighed in on BAC. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. The Goldman Sachs Group decreased their price target on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Citigroup increased their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Oppenheimer raised their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Finally, Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $57.86.

About Bank of America

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.