Allied Investment Advisors LLC Boosts Stake in Bank of America Corporation $BAC

Allied Investment Advisors LLC raised its position in Bank of America Corporation (NYSE:BAC) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 310,436 shares of the financial services provider’s stock after purchasing an additional 2,938 shares during the quarter. Bank of America accounts for approximately 2.6% of Allied Investment Advisors LLC’s holdings, making the stock its 11th biggest holding. Allied Investment Advisors LLC’s holdings in Bank of America were worth $14,690,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Advisory Solutions LLC boosted its position in Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares during the last quarter. Cyndeo Wealth Partners LLC boosted its holdings in Bank of America by 0.8% in the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after purchasing an additional 221 shares during the last quarter. Centurion Wealth Management LLC boosted its holdings in Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares during the last quarter. Nova Wealth Management Inc. boosted 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 purchasing an additional 227 shares during the last quarter. Finally, Cape Investment Advisory Inc. boosted its holdings in Bank of America by 1.9% in the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 238 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on 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 completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This 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 Trading Up 1.3%

NYSE BAC opened at $52.44 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The stock has a market capitalization of $388.38 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The firm has a 50 day moving average of $50.58 and a two-hundred day moving average of $46.31.

Bank of America (NYSE:BAC) last posted 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 company had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The firm’s revenue was up 10.8% on a year-over-year basis. As a group, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Analyst Ratings Changes

Several equities analysts have weighed in on BAC shares. Argus boosted their target price on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Morgan Stanley boosted their target price on shares of Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Wolfe Research boosted their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Daiwa Capital Markets boosted their price target on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, Citigroup boosted their price target 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. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.23.

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.