Roundview Capital LLC Acquires 2,909 Shares of Bank of America Corporation $BAC

Roundview Capital LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 84,582 shares of the financial services provider’s stock after purchasing an additional 2,909 shares during the period. Roundview Capital LLC’s holdings in Bank of America were worth $4,002,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Nova Wealth Management Inc. grew its holdings in shares of 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 worth $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the second quarter worth $28,000. Cloud Capital Management LLC bought a new stake in shares of Bank of America during the first quarter worth $40,000. HighMark Wealth Management LLC grew its holdings in shares of Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 743 shares during the last quarter. Finally, Marshall & Sullivan Inc. WA bought a new stake in shares of Bank of America during the second quarter worth $54,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.6%

NYSE BAC opened at $50.36 on Tuesday. The firm has a market cap of $373.01 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock’s 50-day moving average is $49.42 and its 200-day moving average is $45.35. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.83 earnings per share. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

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

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

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. HSBC raised their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Morgan Stanley raised their price target on Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Truist Financial raised their price target on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. TD Cowen raised their price target on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Nineteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.38.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated 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 directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

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.