Global Strategic Investment Solutions LLC Purchases Shares of 4,753 Bank of America Corporation $BAC

Global Strategic Investment Solutions LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 4,753 shares of the financial services provider’s stock, valued at approximately $225,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Orca Wealth Management LLC raised its holdings in Bank of America by 1.2% during the second quarter. Orca Wealth Management LLC now owns 35,336 shares of the financial services provider’s stock valued at $1,672,000 after acquiring an additional 419 shares during the period. Beacon Financial Advisory LLC raised its holdings in Bank of America by 13.1% during the second quarter. Beacon Financial Advisory LLC now owns 8,552 shares of the financial services provider’s stock valued at $405,000 after acquiring an additional 988 shares during the period. Gemmer Asset Management LLC raised its holdings in Bank of America by 18.3% during the second quarter. Gemmer Asset Management LLC now owns 14,944 shares of the financial services provider’s stock valued at $707,000 after acquiring an additional 2,311 shares during the period. Iron Horse Wealth Management LLC raised its holdings in Bank of America by 355.0% during the second quarter. Iron Horse Wealth Management LLC now owns 3,076 shares of the financial services provider’s stock valued at $146,000 after acquiring an additional 2,400 shares during the period. Finally, Kickstand Ventures LLC. purchased a new position in shares of Bank of America during the second quarter valued at about $911,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 0.3%

Shares of NYSE:BAC opened at $50.63 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The company has a 50-day moving average price of $49.37 and a 200 day moving average price of $45.28. The company has a market cap of $374.98 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a $0.28 dividend. 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. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s payout ratio is 32.75%.

Bank of America announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Royal Bank Of Canada upped their price objective on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday. Finally, HSBC upped their price objective on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday. Nineteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $53.38.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated 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 sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by insiders.

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.