Affinity Capital Advisors LLC Grows Stake in Bank of America Corporation $BAC

Affinity Capital Advisors LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 4.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,872 shares of the financial services provider’s stock after acquiring an additional 400 shares during the period. Affinity Capital Advisors LLC’s holdings in Bank of America were worth $467,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Nova Wealth Management Inc. grew its position in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Vega Investment Solutions purchased a new position in Bank of America in the fourth quarter worth about $30,000. Wood Tarver Financial Group LLC bought a new stake in Bank of America in the fourth quarter worth about $38,000. Mascagni Wealth Management Inc. bought a new stake in Bank of America in the fourth quarter worth about $40,000. Finally, Cloud Capital Management LLC bought a new stake in Bank of America in the first quarter worth about $40,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.2%

Bank of America stock opened at $50.68 on Wednesday. The business has a fifty day moving average of $48.24 and a two-hundred day moving average of $44.36. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $51.09. The firm has a market cap of $375.38 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.96 and a beta of 1.34.

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 (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the company earned $0.83 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s dividend payout ratio is presently 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of several analyst reports. Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. The Goldman Sachs Group raised their price objective on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Finally, Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.61.

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.