Bank of America Corporation $BAC Shares Purchased by High Net Worth Advisory Group LLC

High Net Worth Advisory Group LLC boosted its stake in Bank of America Corporation (NYSE:BAC) by 4.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,913 shares of the financial services provider’s stock after acquiring an additional 650 shares during the period. High Net Worth Advisory Group LLC’s holdings in Bank of America were worth $800,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Nicholas Hoffman & Company LLC. raised its holdings in shares of Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the period. Gradient Investments LLC raised its holdings in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after purchasing an additional 50,296 shares during the period. Prosperity Wealth Management Inc. acquired a new stake in shares of Bank of America during the first quarter worth $998,000. Alpha Cubed Investments LLC raised its holdings in shares of Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after purchasing an additional 17,619 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of Bank of America by 170.5% during the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock worth $9,951,000 after purchasing an additional 150,299 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BAC. HSBC cut shares of Bank of America from a “buy” rating to a “hold” rating and increased their target price for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a report on Monday, June 30th. The Goldman Sachs Group increased their price objective on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.61.

Bank of America Stock Performance

NYSE:BAC opened at $51.36 on Thursday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $51.63. 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 company has a 50-day moving average of $48.33 and a 200-day moving average of $44.40. The firm has a market cap of $380.42 billion, a price-to-earnings ratio of 15.02, a price-to-earnings-growth ratio of 1.97 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating 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 company had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the firm posted $0.83 EPS. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. 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 of Directors has approved a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors 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 dividend of $0.28 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s payout ratio 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.