Ashton Thomas Securities LLC Has $1.07 Million Stock Holdings in Bank of America Corporation $BAC

Ashton Thomas Securities LLC grew its position in Bank of America Corporation (NYSE:BAC) by 1.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,644 shares of the financial services provider’s stock after buying an additional 324 shares during the period. Ashton Thomas Securities LLC’s holdings in Bank of America were worth $1,072,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. lifted its holdings 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 in the last quarter. Cloud Capital Management LLC bought a new position in Bank of America in the first quarter valued at approximately $40,000. Perkins Coie Trust Co boosted its holdings 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 period. Cranbrook Wealth Management LLC increased its position in shares of Bank of America by 41.2% during the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 306 shares in the last quarter. Finally, HighMark Wealth Management LLC raised its holdings in shares of Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 743 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BAC shares. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Truist Financial upped their price objective on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Oppenheimer dropped their target price on Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 23rd. Royal Bank Of Canada upped their price target on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, HSBC raised their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.88.

Bank of America Stock Performance

Shares of BAC opened at $50.44 on Friday. The company has a market cap of $373.57 billion, a PE ratio of 14.75, a price-to-earnings-growth ratio of 1.97 and a beta of 1.33. The firm has a 50-day moving average of $49.33 and a 200-day moving average of $45.19. 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.

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 business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the business posted $0.83 EPS. As a group, equities analysts forecast 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 declared a quarterly dividend, which was paid on Friday, September 26th. Investors 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 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at $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 available through this hyperlink. 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.