Precedent Wealth Partners LLC Purchases 6,004 Shares of Bank of America Corporation $BAC

Precedent Wealth Partners LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 14.9% in the second quarter, HoldingsChannel reports. The firm owned 46,166 shares of the financial services provider’s stock after buying an additional 6,004 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Bank of America were worth $2,185,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in BAC. Wealth Advisory Solutions LLC grew its stake in shares of Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after acquiring an additional 214 shares during the period. Centurion Wealth Management LLC grew its stake in shares of Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares during the period. Nova Wealth Management Inc. grew its stake 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 valued at $25,000 after acquiring an additional 227 shares during the period. Cape Investment Advisory Inc. grew its stake in shares of Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 238 shares during the period. Finally, Rainier Family Wealth Inc. grew its stake in shares of Bank of America by 3.9% during the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock valued at $303,000 after acquiring an additional 239 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. 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 note on Tuesday. Morgan Stanley boosted their price objective on Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research note on Monday. TD Cowen upped their price target on Bank of America from $54.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a research note on Saturday, September 27th. Finally, The Goldman Sachs Group upped their price target on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday. Nineteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $53.38.

Bank of America Stock Up 0.3%

Shares of BAC opened at $50.63 on Friday. The stock has a market capitalization of $374.98 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The business’s 50 day simple moving average is $49.37 and its 200-day simple moving average is $45.26. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 EPS. As a group, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s payout ratio is currently 32.75%.

Bank of America 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.