Forum Financial Management LP Purchases 6,117 Shares of Bank of America Corporation $BAC

Forum Financial Management LP boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 110,624 shares of the financial services provider’s stock after buying an additional 6,117 shares during the quarter. Forum Financial Management LP’s holdings in Bank of America were worth $5,235,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. grew its position 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 valued at $25,000 after buying an additional 227 shares during the period. RMG Wealth Management LLC bought a new stake in shares of Bank of America in the second quarter valued at $28,000. CGC Financial Services LLC raised its stake in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Acima Private Wealth LLC bought a new stake in shares of Bank of America in the second quarter valued at $33,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America in the first quarter valued at $40,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.9%

Shares of Bank of America stock opened at $51.05 on Thursday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The company has a market cap of $378.09 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.95 and a beta of 1.33. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company’s 50-day moving average price is $50.38 and its 200-day moving average price is $46.08.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 15.70% and a return on equity of 10.76%. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the firm posted $0.81 earnings per share. On average, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock repurchase 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 reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. HSBC increased their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Morgan Stanley increased their target price on shares of Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Argus increased their target price on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Finally, Evercore ISI increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Twenty-one research 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 company presently has a consensus rating of “Moderate Buy” and an average target price of $57.23.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction 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 transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

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.