Bank of America Corporation $BAC Shares Bought by Capital Asset Advisory Services LLC

Capital Asset Advisory Services LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 4.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 98,238 shares of the financial services provider’s stock after acquiring an additional 4,576 shares during the quarter. Capital Asset Advisory Services LLC’s holdings in Bank of America were worth $4,730,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Centurion Wealth Management LLC grew its stake in shares of 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 worth $467,000 after purchasing an additional 225 shares during the last quarter. Nova Wealth Management Inc. grew its stake 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 worth $25,000 after purchasing an additional 227 shares during the last quarter. Continuum Advisory LLC grew its stake in shares of Bank of America by 1.4% in the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 237 shares during the last quarter. Cape Investment Advisory Inc. grew its stake in shares of 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 worth $524,000 after purchasing an additional 238 shares during the last quarter. Finally, Menard Financial Group LLC grew its stake in shares of Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after purchasing an additional 240 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $50.60 on Friday. 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 stock has a market cap of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.97 and a beta of 1.34. The firm has a 50 day simple moving average of $48.13 and a 200 day simple moving average of $44.28. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.96.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during 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 quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company posted $0.83 earnings per share. Research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio is 32.75%.

Bank of America announced that its board has initiated a share 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 purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Morgan Stanley lifted their target price on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and lifted their target price for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Robert W. Baird reissued a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Citigroup lifted their target price on shares of Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. Finally, Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.39.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

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.