Lazari Capital Management Inc. Purchases 4,836 Shares of Bank of America Corporation $BAC

Lazari Capital Management Inc. lifted its position in Bank of America Corporation (NYSE:BAC) by 5.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 99,873 shares of the financial services provider’s stock after purchasing an additional 4,836 shares during the quarter. Bank of America accounts for approximately 1.8% of Lazari Capital Management Inc.’s holdings, making the stock its 12th biggest holding. Lazari Capital Management Inc.’s holdings in Bank of America were worth $4,726,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in BAC. Brighton Jones LLC grew its holdings in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Bank of America by 4,414.4% in the 1st quarter. GAMMA Investing LLC now owns 4,654,022 shares of the financial services provider’s stock worth $194,212,000 after purchasing an additional 4,550,930 shares during the last quarter. Beese Fulmer Investment Management Inc. grew its holdings in shares of Bank of America by 23.3% in the 1st quarter. Beese Fulmer Investment Management Inc. now owns 8,633 shares of the financial services provider’s stock worth $360,000 after purchasing an additional 1,632 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in shares of Bank of America by 13.2% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 215,557 shares of the financial services provider’s stock worth $8,995,000 after purchasing an additional 25,096 shares during the last quarter. Finally, Allied Investment Advisors LLC grew its holdings in shares of Bank of America by 4.4% in the 1st quarter. Allied Investment Advisors LLC now owns 307,498 shares of the financial services provider’s stock worth $12,832,000 after purchasing an additional 13,056 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Truist Financial increased their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the stock an “outperform” rating in a report on Monday, June 30th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.92.

Bank of America Stock Up 0.7%

Shares of NYSE BAC opened at $52.21 on Monday. The firm has a market capitalization 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. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The firm’s 50-day moving average is $49.07 and its 200-day moving average is $44.97.

Bank of America (NYSE:BAC) last issued its 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. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 EPS. Equities analysts expect 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 was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. 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%.

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

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is owned by corporate 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.