Abel Hall LLC Has $453,000 Stock Holdings in Bank of America Corporation $BAC

Abel Hall LLC increased its position in Bank of America Corporation (NYSE:BAC) by 42.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,574 shares of the financial services provider’s stock after buying an additional 2,839 shares during the period. Abel Hall LLC’s holdings in Bank of America were worth $453,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in BAC. Brighton Jones LLC grew its stake 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 valued at $4,785,000 after buying an additional 25,143 shares during the period. NewSquare Capital LLC grew its stake in shares of Bank of America by 94.7% in the 1st quarter. NewSquare Capital LLC now owns 2,605 shares of the financial services provider’s stock valued at $109,000 after buying an additional 1,267 shares during the period. Tounjian Advisory Partners LLC acquired a new stake in shares of Bank of America in the 1st quarter valued at about $644,000. Signet Financial Management LLC grew its stake in shares of Bank of America by 0.6% in the 1st quarter. Signet Financial Management LLC now owns 124,943 shares of the financial services provider’s stock valued at $5,214,000 after buying an additional 690 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Bank of America by 8.2% in the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after buying an additional 8,435 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $50.22 on Wednesday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The stock’s 50 day moving average price is $49.46 and its 200-day moving average price is $45.39. The company has a market capitalization of $371.95 billion, a PE ratio of 14.68, a PEG ratio of 1.96 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping 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 firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the previous year, the business earned $0.83 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on BAC shares. Deutsche Bank Aktiengesellschaft raised 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, September 30th. Wolfe Research lifted their price target on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Saturday, September 27th. The Goldman Sachs Group lifted their price target on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Finally, Seaport Global Securities lifted their price target on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday. Twenty research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $53.93.

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 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 owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

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.