Stonehage Fleming Financial Services Holdings Ltd Makes New $1.46 Million Investment in Bank of America Corporation $BAC

Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 30,759 shares of the financial services provider’s stock, valued at approximately $1,456,000.

A number of other large investors have also made changes to their positions in the stock. Apollon Wealth Management LLC increased its holdings in shares of Bank of America by 2.2% in the 2nd quarter. Apollon Wealth Management LLC now owns 187,070 shares of the financial services provider’s stock valued at $8,852,000 after purchasing an additional 4,108 shares in the last quarter. Keener Financial Planning LLC increased its holdings in shares of Bank of America by 220.3% in the 2nd quarter. Keener Financial Planning LLC now owns 1,454 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 1,000 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its holdings in shares of Bank of America by 17.3% in the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 252,758 shares of the financial services provider’s stock valued at $11,961,000 after purchasing an additional 37,201 shares in the last quarter. Natural Investments LLC increased its holdings in shares of Bank of America by 6.6% in the 2nd quarter. Natural Investments LLC now owns 18,543 shares of the financial services provider’s stock valued at $877,000 after purchasing an additional 1,156 shares in the last quarter. Finally, KFA Private Wealth Group LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at about $226,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 2.4%

Bank of America stock opened at $48.62 on Friday. The stock has a market cap of $360.12 billion, a PE ratio of 14.22, a P/E/G ratio of 1.89 and a beta of 1.33. The stock has a 50-day moving average price of $49.61 and a 200 day moving average price of $45.52. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. 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 (NYSE:BAC) last posted its quarterly earnings data 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 firm had revenue of ($22,273.00) million during 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 firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 EPS. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.3%. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire 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.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BAC. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday. TD Cowen lifted 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, October 3rd. UBS Group lifted their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. JPMorgan Chase & Co. lifted their price target on Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Saturday. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $54.64.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was 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 in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by company insiders.

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.