Stockman Wealth Management Inc. Has $12.13 Million Stock Holdings in Bank of America Corporation $BAC

Stockman Wealth Management Inc. boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 256,347 shares of the financial services provider’s stock after purchasing an additional 6,860 shares during the period. Bank of America accounts for about 1.6% of Stockman Wealth Management Inc.’s investment portfolio, making the stock its 19th biggest holding. Stockman Wealth Management Inc.’s holdings in Bank of America were worth $12,130,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in BAC. 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 buying an additional 227 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Bank of America in the first quarter valued at approximately $40,000. HighMark Wealth Management LLC lifted its position in shares of Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after buying an additional 743 shares during the last quarter. Cranbrook Wealth Management LLC lifted its position in shares of Bank of America by 41.2% in the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after buying an additional 306 shares during the last quarter. Finally, Perkins Coie Trust Co lifted its position in shares of Bank of America by 67.8% in the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock valued at $44,000 after buying an additional 423 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of Bank of America 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $52.21 on Friday. The stock’s fifty day moving average price is $49.07 and its two-hundred day moving average price is $44.93. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The firm has a market cap of $386.72 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 2.02 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 (EPS) 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 for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the company posted $0.83 EPS. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 32.75%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Morgan Stanley raised their price objective on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research report on Monday, June 23rd. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Truist Financial increased their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Robert W. Baird reiterated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Finally, Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.92.

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.