Biltmore Family Office LLC Buys 263 Shares of Bank of America Corporation $BAC

Biltmore Family Office LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,748 shares of the financial services provider’s stock after purchasing an additional 263 shares during the period. Biltmore Family Office LLC’s holdings in Bank of America were worth $1,881,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% during 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 in the last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the 2nd quarter worth approximately $28,000. CGC Financial Services LLC raised its stake in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares in the last quarter. Acima Private Wealth LLC bought a new stake in Bank of America in the 2nd quarter valued at $33,000. Finally, Cloud Capital Management LLC bought a new stake in Bank of America in the 1st quarter valued at $40,000. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on BAC. JPMorgan Chase & Co. increased their price target on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Citigroup increased their price target on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Wells Fargo & Company increased their price target on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Evercore ISI increased their price target on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.27.

Insider Activity at Bank of America

In other 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 completion of the sale, the insider owned 223,407 shares in the company, 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 corporate insiders.

Bank of America Trading Down 0.3%

Shares of BAC stock opened at $52.85 on Wednesday. The company has a market cap of $391.42 billion, a P/E ratio of 14.40, a PEG ratio of 2.01 and a beta of 1.33. The stock has a 50 day simple moving average of $50.77 and a two-hundred day simple moving average of $46.68. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.28.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. Research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback 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.