Exeter Financial LLC Buys 800 Shares of Bank of America Corporation $BAC

Exeter Financial LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 1.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 67,162 shares of the financial services provider’s stock after acquiring an additional 800 shares during the quarter. Bank of America accounts for about 1.4% of Exeter Financial LLC’s investment portfolio, making the stock its 27th largest holding. Exeter Financial LLC’s holdings in Bank of America were worth $3,178,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Nova Wealth Management Inc. increased its holdings in shares of 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 acquiring an additional 227 shares in the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Bank of America in the fourth quarter worth about $38,000. Mascagni Wealth Management Inc. bought a new stake in shares of Bank of America in the fourth quarter worth about $40,000. Cloud Capital Management LLC bought a new stake in shares of Bank of America in the first quarter worth about $40,000. Finally, HighMark Wealth Management LLC increased its holdings in shares of 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 acquiring an additional 743 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’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 value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BAC. Robert W. Baird restated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. The Goldman Sachs Group upped their price objective on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Morgan Stanley upped their price objective on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. Finally, Oppenheimer reduced their price objective on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.92.

Bank of America Stock Down 0.1%

BAC stock opened at $51.67 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The business has a 50 day moving average price of $48.87 and a two-hundred day moving average price of $44.73. The company has a market cap of $382.69 billion, a price-to-earnings ratio of 15.11, a P/E/G ratio of 2.01 and a beta of 1.34. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88.

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

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 repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid 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 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio is 32.75%.

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.