Pinnacle Wealth Management Group Inc. Takes $303,000 Position in Bank of America Corporation $BAC

Pinnacle Wealth Management Group Inc. acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, HoldingsChannel reports. The firm acquired 6,400 shares of the financial services provider’s stock, valued at approximately $303,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Nova Wealth Management Inc. raised its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares in the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the second quarter valued at approximately $28,000. CGC Financial Services LLC raised its holdings 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 purchasing an additional 521 shares in the last quarter. Acima Private Wealth LLC acquired a new stake in Bank of America in the second quarter worth approximately $33,000. Finally, Cloud Capital Management LLC bought a new position in Bank of America during the 1st quarter valued at $40,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.3%

Shares of NYSE:BAC opened at $52.44 on Friday. The firm has a 50 day simple moving average of $50.58 and a 200 day simple moving average of $46.31. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $388.38 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The company 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%. The company’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 EPS. As a group, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Dividend Announcement

The firm also recently disclosed 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 is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the 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 sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This 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 can be accessed through this link. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on BAC shares. Wolfe Research boosted their price objective on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Royal Bank Of Canada boosted their price target on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Finally, Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. 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 data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $57.23.

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.