Bank of America Corporation $BAC is Hardin Capital Partners LLC’s 2nd Largest Position

Hardin Capital Partners LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 39.1% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 139,911 shares of the financial services provider’s stock after buying an additional 39,294 shares during the period. Bank of America comprises about 4.0% of Hardin Capital Partners LLC’s portfolio, making the stock its 2nd largest holding. Hardin Capital Partners LLC’s holdings in Bank of America were worth $6,737,000 as of its most recent filing with the SEC.

Other institutional investors have also recently modified their holdings of the company. Nova Wealth Management Inc. grew its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the period. Vega Investment Solutions acquired a new position in shares of Bank of America during the 4th quarter worth approximately $30,000. Wood Tarver Financial Group LLC acquired a new position in shares of Bank of America during the 4th quarter worth approximately $38,000. Mascagni Wealth Management Inc. acquired a new position in shares of Bank of America during the 4th quarter worth approximately $40,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Bank of America during the 1st quarter worth approximately $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling 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 owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on BAC. Truist Financial upped their price objective on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. HSBC lowered 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. The Goldman Sachs Group increased their target price on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Finally, Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.61.

Bank of America Trading Up 0.2%

Shares of BAC opened at $50.68 on Wednesday. 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 firm has a 50 day simple moving average of $48.24 and a 200-day simple moving average of $44.36. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $51.09. The stock has a market cap of $375.38 billion, a price-to-earnings ratio of 14.82, a price-to-earnings-growth ratio of 1.96 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period last year, the company posted $0.83 EPS. The company’s revenue was up 4.3% on a year-over-year basis. Equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The business 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 a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is 32.75%.

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.