Pinnacle Bancorp Inc. Purchases 350 Shares of Bank of America Corporation $BAC

Pinnacle Bancorp Inc. raised its position in Bank of America Corporation (NYSE:BAC) by 0.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 45,838 shares of the financial services provider’s stock after acquiring an additional 350 shares during the period. Pinnacle Bancorp Inc.’s holdings in Bank of America were worth $2,169,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Centurion Wealth Management LLC lifted its position in shares of Bank of America by 2.3% in the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares in the last quarter. Nova Wealth Management Inc. lifted its position 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 acquiring an additional 227 shares in the last quarter. Cape Investment Advisory Inc. lifted its position in shares of Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 238 shares in the last quarter. Menard Financial Group LLC lifted its position in shares of Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock valued at $906,000 after acquiring an additional 240 shares in the last quarter. Finally, Maia Wealth LLC increased its holdings in shares of Bank of America by 1.4% in the first quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider’s stock worth $723,000 after purchasing an additional 240 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 0.3%

BAC opened at $52.27 on Friday. The stock has a market cap of $387.16 billion, a price-to-earnings ratio of 15.28, a P/E/G ratio of 2.02 and a beta of 1.34. The stock’s 50 day moving average price is $48.55 and its 200-day moving average price is $44.52. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.66. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for 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%.The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.83 earnings per share. On average, equities analysts forecast 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 issued a $0.28 dividend. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on BAC shares. Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Citigroup lifted their target price on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday. Oppenheimer lifted their target price on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, July 30th. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an “outperform” rating in a report on Monday, June 30th. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.82.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the business’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 completion of the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

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.