6,403 Shares in Bank of America Corporation $BAC Bought by Revisor Wealth Management LLC

Revisor Wealth Management LLC bought a new position in Bank of America Corporation (NYSE:BAC) during the second quarter, HoldingsChannel reports. The fund bought 6,403 shares of the financial services provider’s stock, valued at approximately $301,000.

A number of other institutional investors also recently bought and sold shares of the stock. Fortitude Family Office LLC raised its holdings in Bank of America by 5.2% in the 2nd quarter. Fortitude Family Office LLC now owns 20,875 shares of the financial services provider’s stock worth $988,000 after purchasing an additional 1,029 shares during the period. Hofer & Associates. Inc bought a new stake in Bank of America during the second quarter valued at about $210,000. GSB Wealth Management LLC raised its holdings in Bank of America by 3.9% during the second quarter. GSB Wealth Management LLC now owns 9,253 shares of the financial services provider’s stock valued at $438,000 after acquiring an additional 351 shares during the period. Wealth Advisory Solutions LLC raised its holdings in Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after acquiring an additional 214 shares during the period. Finally, CHICAGO TRUST Co NA raised its holdings in Bank of America by 4.9% during the second quarter. CHICAGO TRUST Co NA now owns 104,130 shares of the financial services provider’s stock valued at $4,927,000 after acquiring an additional 4,878 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on BAC shares. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. The Goldman Sachs Group raised their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. HSBC cut Bank of America from a “buy” rating to a “hold” rating and raised their price target for the company from $47.00 to $51.00 in a report on Monday, July 7th. Finally, Oppenheimer cut their price objective on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $50.76.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Trading Down 0.5%

Shares of Bank of America stock opened at $51.68 on Wednesday. The firm has a market cap of $382.78 billion, a price-to-earnings ratio of 15.11, a PEG ratio of 2.01 and a beta of 1.34. The business has a 50-day moving average price of $48.76 and a 200-day moving average price of $44.68. 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 Corporation has a twelve month low of $33.06 and a twelve month high of $52.88.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during 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% on a year-over-year basis. During the same quarter last year, the business posted $0.83 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The business 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 $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 32.75%.

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

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.