CX Institutional Purchases 2,439 Shares of Bank of America Corporation $BAC

CX Institutional boosted its position in Bank of America Corporation (NYSE:BAC) by 7.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,150 shares of the financial services provider’s stock after purchasing an additional 2,439 shares during the quarter. CX Institutional’s holdings in Bank of America were worth $1,616,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Nova Wealth Management Inc. lifted 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 worth $25,000 after buying an additional 227 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new stake in Bank of America during the fourth quarter worth approximately $38,000. Mascagni Wealth Management Inc. acquired a new stake in Bank of America during the fourth quarter worth approximately $40,000. Cloud Capital Management LLC bought a new stake in shares of Bank of America during the first quarter valued at approximately $40,000. Finally, HighMark Wealth Management LLC increased its holdings in shares of Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 743 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BAC. Oppenheimer upped their price target on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, July 30th. Morgan Stanley upped their target price on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research note on Monday, June 23rd. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and raised their price target for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $50.82.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s 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. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $52.27 on Friday. The stock’s 50 day moving average is $48.55 and its two-hundred day moving average is $44.53. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.66. 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 $387.16 billion, a PE ratio of 15.28, a P/E/G ratio of 2.03 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its quarterly earnings results 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 return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the previous year, the firm posted $0.83 EPS. Bank of America’s revenue was up 4.3% on a year-over-year basis. Research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors 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 of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio is currently 32.75%.

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

About Bank of America

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.