FLC Capital Advisors Acquires 8,936 Shares of Bank of America Corporation $BAC

FLC Capital Advisors lifted its holdings in Bank of America Corporation (NYSE:BAC) by 24.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 45,343 shares of the financial services provider’s stock after purchasing an additional 8,936 shares during the period. FLC Capital Advisors’ holdings in Bank of America were worth $2,146,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in BAC. Nova Wealth Management Inc. increased its stake 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 purchasing an additional 227 shares during the period. RMG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter worth about $28,000. CGC Financial Services LLC grew its position in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares in the last quarter. Acima Private Wealth LLC acquired a new stake in Bank of America during the second quarter worth about $33,000. Finally, Cloud Capital Management LLC acquired a new stake in Bank of America during the first quarter worth about $40,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 1.7%

Shares of BAC opened at $51.28 on Monday. The company has a market capitalization of $379.83 billion, a P/E ratio of 13.97, a PEG ratio of 1.95 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The business’s 50 day simple moving average is $50.11 and its 200-day simple moving average is $45.88.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for 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%.Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 EPS. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Insiders Place Their Bets

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 shares were 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 owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent research reports. Evercore ISI lifted their target price on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday. The Goldman Sachs Group lifted their price objective on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Royal Bank Of Canada lifted their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Finally, Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.29.

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.