Alliance Wealth Advisors LLC Purchases 328 Shares of Bank of America Corporation $BAC

Alliance Wealth Advisors LLC boosted its position in Bank of America Corporation (NYSE:BAC) by 2.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 14,307 shares of the financial services provider’s stock after acquiring an additional 328 shares during the period. Alliance Wealth Advisors LLC’s holdings in Bank of America were worth $677,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Wealth Advisory Solutions LLC boosted its holdings in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after buying an additional 214 shares during the period. Centurion Wealth Management LLC boosted its holdings 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 worth $467,000 after acquiring an additional 225 shares during the period. Nova Wealth Management Inc. raised its stake 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 valued at $25,000 after purchasing an additional 227 shares during the period. Cape Investment Advisory Inc. lifted its holdings in Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 238 shares in the last quarter. Finally, Rainier Family Wealth Inc. boosted its stake in Bank of America by 3.9% in the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 239 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of Bank of America stock opened at $52.36 on Tuesday. 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 Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a fifty day moving average of $49.16 and a 200-day moving average of $45.05. The stock has a market capitalization of $387.83 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 2.02 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business 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 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

Bank of America declared that its Board of Directors has approved a stock repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BAC shares. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Citigroup boosted their target price on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Finally, Wells Fargo & Company raised their price target on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.82.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America 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 directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by insiders.

Bank of America 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.