Pinnacle Wealth Management Advisory Group LLC Has $3.30 Million Stake in Bank of America Corporation $BAC

Pinnacle Wealth Management Advisory Group LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 69,786 shares of the financial services provider’s stock after selling 1,431 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Bank of America were worth $3,302,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quaker Wealth Management LLC grew its holdings in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the period. Nova Wealth Management Inc. grew its holdings in shares of Bank of America by 75.2% in the 2nd 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 acquired a new position in shares of Bank of America in the 2nd quarter valued at $28,000. CGC Financial Services LLC increased its position in shares of Bank of America by 585.4% in the 2nd 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 in the last quarter. Finally, Acima Private Wealth LLC acquired a new stake in Bank of America during the 2nd quarter worth $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.1%

NYSE:BAC opened at $53.22 on Friday. The company has a market cap of $388.62 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $53.99. The business has a 50 day moving average price of $51.33 and a two-hundred day moving average price of $47.57. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the firm posted $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is 30.52%.

Bank of America declared that its Board of Directors has authorized a stock buyback plan 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 plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have issued reports on BAC shares. Wells Fargo & Company boosted their target price on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Bank of America in a report on Thursday. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Citigroup raised their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Wolfe Research upped their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

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.