Centurion Wealth Management LLC Acquires 225 Shares of Bank of America Corporation $BAC

Centurion Wealth Management LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 2.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,862 shares of the financial services provider’s stock after acquiring an additional 225 shares during the quarter. Centurion Wealth Management LLC’s holdings in Bank of America were worth $467,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Continuum Advisory LLC boosted its position in shares of Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after buying an additional 237 shares during the period. Cape Investment Advisory Inc. boosted its position in shares of Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after buying an additional 238 shares during the period. Menard Financial Group LLC boosted its position in shares of Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after buying an additional 240 shares during the period. Maia Wealth LLC boosted its position in shares of Bank of America by 1.4% during the first quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider’s stock worth $723,000 after buying an additional 240 shares during the period. Finally, Northern Financial Advisors Inc boosted its position in shares of Bank of America by 1.8% during the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider’s stock worth $600,000 after buying an additional 252 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the firm’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 completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at $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 SEC, which is available at this link. 0.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. HSBC cut Bank of America from a “buy” rating to a “hold” rating and upped their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. Finally, Truist Financial increased their price target on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $50.39.

Bank of America Stock Performance

Shares of NYSE BAC opened at $50.60 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.96. The stock has a market capitalization of $374.79 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 1.97 and a beta of 1.34. The stock has a 50 day moving average price of $48.13 and a 200 day moving average price of $44.28. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period last year, the firm posted $0.83 earnings per share. The business’s revenue was up 4.3% on a year-over-year basis. Analysts predict 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 initiated a share buyback 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 repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change 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 payout ratio is 32.75%.

Bank of America Company 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.