Impact Capital Partners LLC Acquires 252 Shares of Bank of America Corporation $BAC

Impact Capital Partners LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.6% during the second quarter, Holdings Channel reports. The firm owned 9,858 shares of the financial services provider’s stock after acquiring an additional 252 shares during the quarter. Impact Capital Partners LLC’s holdings in Bank of America were worth $466,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Wealth Advisory Solutions LLC increased its position in Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after buying an additional 214 shares in the last quarter. Centurion Wealth Management LLC boosted its holdings in 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 in the last quarter. Nova Wealth Management Inc. grew its stake 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 worth $25,000 after acquiring an additional 227 shares during the last quarter. Cape Investment Advisory Inc. grew its stake in shares of Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after acquiring an additional 238 shares during the last quarter. Finally, Rainier Family Wealth Inc. increased its holdings in shares of Bank of America by 3.9% during the second quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock valued at $303,000 after acquiring an additional 239 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Morgan Stanley increased their price target on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday. Citigroup boosted their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.63.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the firm’s 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 transaction, the insider owned 223,407 shares of the company’s stock, 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 filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $51.58 on Wednesday. The stock has a market capitalization of $382.05 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 2.03 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-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 business’s fifty day moving average price is $49.24 and its 200-day moving average price is $45.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $26.79 billion. During the same quarter in the prior year, the business earned $0.83 earnings per share. Bank of America’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities analysts predict 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 disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Bank of America declared that its board has authorized a stock buyback program 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 purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are 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.