Bank of America Corporation $BAC Stake Raised by SGL Investment Advisors Inc.

SGL Investment Advisors Inc. increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 11.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 7,995 shares of the financial services provider’s stock after acquiring an additional 807 shares during the period. SGL Investment Advisors Inc.’s holdings in Bank of America were worth $377,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in BAC. Brighton Jones LLC increased its holdings in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Park Avenue Securities LLC boosted its stake in Bank of America by 12.6% during the 1st quarter. Park Avenue Securities LLC now owns 175,983 shares of the financial services provider’s stock valued at $7,344,000 after purchasing an additional 19,727 shares during the period. Central Bank & Trust Co. bought a new stake in Bank of America during the 1st quarter valued at approximately $223,000. Single Point Partners LLC boosted its stake in Bank of America by 306.1% during the 1st quarter. Single Point Partners LLC now owns 27,631 shares of the financial services provider’s stock valued at $1,153,000 after purchasing an additional 20,827 shares during the period. Finally, AHL Investment Management Inc. boosted its stake in Bank of America by 5.4% during the 1st quarter. AHL Investment Management Inc. now owns 5,953 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 303 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $50.36 on Tuesday. The stock has a 50 day moving average of $49.42 and a two-hundred day moving average of $45.35. 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 12 month low of $33.06 and a 12 month high of $52.88. The company has a market capitalization of $373.01 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping 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 return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $0.83 EPS. As a group, equities 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 announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. 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 is 32.75%.

Bank of America declared that its board has approved a stock buyback 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 generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BAC shares. Wells Fargo & Company increased their target price on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Royal Bank Of Canada increased their target price on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Truist Financial increased their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Finally, Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Nineteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.38.

Insider Activity at Bank of America

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 stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by company 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.