Bank of America Corporation $BAC Shares Bought by Winthrop Advisory Group LLC

Winthrop Advisory Group LLC increased its position in Bank of America Corporation (NYSE:BAC) by 9.3% in the second quarter, Holdings Channel reports. The firm owned 33,130 shares of the financial services provider’s stock after purchasing an additional 2,823 shares during the quarter. Winthrop Advisory Group LLC’s holdings in Bank of America were worth $1,568,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Boston Common Asset Management LLC grew its stake in Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares in the last quarter. Nicholas Hoffman & Company LLC. grew its stake in Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC grew its stake in Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares in the last quarter. Prosperity Wealth Management Inc. acquired a new position in Bank of America in the first quarter worth about $998,000. Finally, Alpha Cubed Investments LLC grew its stake in Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after purchasing an additional 17,619 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Royal Bank Of Canada lifted their price target on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Wolfe Research raised their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Truist Financial raised their target price on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Evercore ISI raised their target price on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Twenty analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.93.

Bank of America Stock Performance

BAC opened at $50.22 on Wednesday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The stock has a market cap of $371.95 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The business’s 50 day moving average is $49.46 and its 200-day moving average is $45.39. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last announced its 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the previous year, the company earned $0.83 earnings per share. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a stock buyback program 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 buy up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors 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. Investors of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s dividend payout ratio is presently 32.75%.

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.