6,100 Shares in Bank of America Corporation $BAC Bought by United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,100 shares of the financial services provider’s stock, valued at approximately $289,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wealth Advisory Solutions LLC raised its position in shares of Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after acquiring an additional 214 shares during the period. Ballast Advisors LLC increased its stake in Bank of America by 4.1% in the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after purchasing an additional 218 shares in the last quarter. Cyndeo Wealth Partners LLC raised its holdings in Bank of America by 0.8% in the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 221 shares during the period. Centurion Wealth Management LLC boosted its position in shares of 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 worth $467,000 after purchasing an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. grew 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 valued at $25,000 after buying an additional 227 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $53.01 on Friday. The stock has a market capitalization of $387.07 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.69. The firm has a fifty day simple moving average of $51.87 and a 200 day simple moving average of $48.69. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

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

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend 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%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Seaport Global Securities raised their price objective on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. The Goldman Sachs Group dropped their price target on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. UBS Group lifted their price objective on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Citigroup increased their target price on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, HSBC lifted their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

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.