Compton Wealth Advisory Group LLC Has $2.73 Million Position in Bank of America Corporation $BAC

Compton Wealth Advisory Group LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,760 shares of the financial services provider’s stock after selling 2,085 shares during the quarter. Compton Wealth Advisory Group LLC’s holdings in Bank of America were worth $2,733,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BAC. Nova Wealth Management Inc. increased its stake in shares of 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 valued at $25,000 after buying an additional 227 shares in the last quarter. Vega Investment Solutions acquired a new stake in shares of Bank of America in the fourth quarter valued at $30,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at $38,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Bank of America in the fourth quarter valued at $40,000. Finally, Cloud Capital Management LLC acquired a new stake in shares of Bank of America in the first quarter valued at $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. Wells Fargo & Company raised their target price on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Truist Financial raised their target price on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Finally, HSBC lowered Bank of America from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.61.

Bank of America Stock Up 1.4%

BAC stock opened at $51.36 on Thursday. 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 firm has a market capitalization of $380.42 billion, a PE ratio of 15.02, a PEG ratio of 1.97 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $51.63. The business’s 50 day simple moving average is $48.33 and its 200 day simple moving average is $44.40.

Bank of America (NYSE:BAC) last posted its 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 business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 EPS. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid 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 annualized dividend and a yield of 2.2%. Bank of America’s dividend payout ratio is presently 32.75%.

Bank of America announced that its board has authorized a share repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction 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 in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.30% of the stock is owned by company insiders.

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.