Trifecta Capital Advisors LLC Has $352,000 Stock Position in Bank of America Corporation $BAC

Trifecta Capital Advisors LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 2,572.3% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,429 shares of the financial services provider’s stock after buying an additional 7,151 shares during the quarter. Trifecta Capital Advisors LLC’s holdings in Bank of America were worth $352,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Maryland State Retirement & Pension System lifted its holdings in shares of Bank of America by 7.0% during the second quarter. Maryland State Retirement & Pension System now owns 333,206 shares of the financial services provider’s stock worth $15,767,000 after buying an additional 21,803 shares in the last quarter. Massachusetts Wealth Management acquired a new stake in shares of Bank of America during the second quarter worth $3,371,000. Fluent Financial LLC acquired a new stake in shares of Bank of America during the second quarter worth $1,474,000. Clear Creek Financial Management LLC lifted its holdings in shares of Bank of America by 8.0% during the second quarter. Clear Creek Financial Management LLC now owns 9,413 shares of the financial services provider’s stock worth $445,000 after buying an additional 698 shares in the last quarter. Finally, Hall Capital Management Co. Inc. lifted its holdings in shares of Bank of America by 11.1% during the second quarter. Hall Capital Management Co. Inc. now owns 17,857 shares of the financial services provider’s stock worth $845,000 after buying an additional 1,791 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In related 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 value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. UBS Group boosted their price target on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Citigroup boosted their price target on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Finally, Seaport Global Securities boosted their price target on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.11.

Bank of America Stock Performance

NYSE:BAC opened at $49.82 on Thursday. The stock has a market cap of $369.01 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock’s 50-day moving average is $49.50 and its 200-day moving average is $45.42. Bank of America Corporation has a 1-year low of $33.06 and a 1-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 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The company 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 business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.83 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. 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 annualized dividend and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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.