Bank of America Corporation $BAC Shares Acquired by Cyndeo Wealth Partners LLC

Cyndeo Wealth Partners LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,394 shares of the financial services provider’s stock after buying an additional 221 shares during the period. Cyndeo Wealth Partners LLC’s holdings in Bank of America were worth $1,344,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Nova Wealth Management Inc. lifted its position in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC acquired a new stake in Bank of America in the second quarter worth approximately $28,000. Cloud Capital Management LLC acquired a new stake in Bank of America in the first quarter worth approximately $40,000. HighMark Wealth Management LLC lifted its position in Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 743 shares during the period. Finally, Marshall & Sullivan Inc. WA acquired a new stake in Bank of America in the second quarter worth approximately $54,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE:BAC opened at $48.62 on Friday. The company’s fifty day moving average is $49.61 and its two-hundred day moving average is $45.50. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The company has a market cap of $360.12 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the previous year, the business earned $0.83 EPS. The company’s revenue was up 4.3% on a year-over-year basis. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.3%. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Evercore ISI upped their target price on Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Wells Fargo & Company upped their target price on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Wolfe Research upped their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Finally, HSBC upped their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.64.

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.