Bogart Wealth LLC Buys 453 Shares of Bank of America Corporation $BAC

Bogart Wealth LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 20.8% during the second quarter, Holdings Channel reports. The fund owned 2,631 shares of the financial services provider’s stock after buying an additional 453 shares during the quarter. Bogart Wealth LLC’s holdings in Bank of America were worth $124,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Wealth Advisory Solutions LLC increased its position in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after buying an additional 214 shares in the last quarter. Cyndeo Wealth Partners LLC grew its stake in Bank of America by 0.8% in the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after acquiring an additional 221 shares during the period. Centurion Wealth Management LLC increased its holdings in shares of Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares in the last quarter. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the last quarter. Finally, Cape Investment Advisory Inc. raised its holdings in Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after buying an additional 238 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider James P. Demare sold 148,391 shares of the 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Bank of America Stock Performance

Shares of Bank of America stock opened at $52.02 on Tuesday. The business’s fifty day simple moving average is $50.23 and its 200 day simple moving average is $46.00. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The firm has a market capitalization of $385.32 billion, a P/E ratio of 14.17, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The firm 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 business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 EPS. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. 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%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is presently 30.52%.

Analyst Ratings Changes

Several equities research analysts have recently commented on BAC shares. Wells Fargo & Company boosted their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Robert W. Baird reissued a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Daiwa Capital Markets increased their price objective on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Oppenheimer lifted their target price on Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $57.29.

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.