Bank of America Corporation $BAC Shares Acquired by Dynamic Advisor Solutions LLC

Dynamic Advisor Solutions LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 1.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 106,811 shares of the financial services provider’s stock after buying an additional 1,376 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in Bank of America were worth $5,054,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Nova Wealth Management Inc. raised its stake 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 worth $25,000 after buying an additional 227 shares during the last quarter. Vega Investment Solutions acquired a new position in Bank of America in the 4th quarter valued at about $30,000. Wood Tarver Financial Group LLC acquired a new position in Bank of America in the 4th quarter valued at about $38,000. Mascagni Wealth Management Inc. acquired a new position in Bank of America in the 4th quarter valued at about $40,000. Finally, Cloud Capital Management LLC acquired a new position in Bank of America in the 1st quarter valued at about $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other Bank of America 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on BAC shares. Wells Fargo & Company boosted their target price on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday. The Goldman Sachs Group boosted their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Robert W. Baird reissued a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. 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 research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.61.

Bank of America Stock Up 1.4%

NYSE BAC opened at $51.36 on Thursday. The stock has a market cap of $380.42 billion, a PE ratio of 15.02, a P/E/G ratio of 1.97 and a beta of 1.34. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $51.63. The business has a 50 day moving average price of $48.33 and a two-hundred day moving average price of $44.40. 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 (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 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%.Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.83 EPS. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding 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 often an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. 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. Bank of America’s dividend payout ratio is currently 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.