Abundance Wealth Counselors Has $1.13 Million Holdings in Bank of America Corporation $BAC

Abundance Wealth Counselors lessened its holdings in Bank of America Corporation (NYSE:BAC) by 1.9% in the 2nd quarter, Holdings Channel reports. The firm owned 23,771 shares of the financial services provider’s stock after selling 471 shares during the quarter. Abundance Wealth Counselors’ holdings in Bank of America were worth $1,125,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Nicholas Hoffman & Company LLC. lifted its position in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares during the last quarter. Prosperity Wealth Management Inc. acquired a new position in Bank of America during the 1st quarter worth $998,000. Alpha Cubed Investments LLC lifted its position in Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after acquiring an additional 17,619 shares during the last quarter. International Assets Investment Management LLC lifted its position in Bank of America by 170.5% during the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock worth $9,951,000 after acquiring an additional 150,299 shares during the last quarter. Finally, Commerce Bank lifted its position in Bank of America by 2.3% during the 1st quarter. Commerce Bank now owns 1,124,755 shares of the financial services provider’s stock worth $46,936,000 after acquiring an additional 25,618 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on BAC shares. Citigroup boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Evercore ISI boosted their target price on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday. Truist Financial boosted their target price on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Wells Fargo & Company boosted their target price on shares of 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, Morgan Stanley boosted their price objective on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday. Seventeen 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.88.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by insiders.

Bank of America Stock Performance

NYSE:BAC opened at $50.44 on Friday. The firm’s 50-day moving average is $49.33 and its 200-day moving average is $45.19. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. 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 company has a market cap of $373.57 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 1.97 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, beating analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Equities research analysts anticipate 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 announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s payout ratio is presently 32.75%.

Bank of America announced that its board has authorized a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually 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.