Bank of America Corporation $BAC Stock Position Lifted by WoodTrust Financial Corp

WoodTrust Financial Corp boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 723.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 127,802 shares of the financial services provider’s stock after purchasing an additional 112,275 shares during the period. WoodTrust Financial Corp’s holdings in Bank of America were worth $6,048,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its stake in Bank of America by 30.0% in the fourth 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. NewSquare Capital LLC lifted its stake in Bank of America by 94.7% in the first quarter. NewSquare Capital LLC now owns 2,605 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 1,267 shares during the last quarter. Tounjian Advisory Partners LLC acquired a new stake in Bank of America in the first quarter valued at approximately $644,000. Signet Financial Management LLC lifted its stake in Bank of America by 0.6% in the first quarter. Signet Financial Management LLC now owns 124,943 shares of the financial services provider’s stock valued at $5,214,000 after acquiring an additional 690 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Bank of America by 8.2% in the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after acquiring an additional 8,435 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.3%

Shares of Bank of America stock opened at $50.22 on Wednesday. The firm has a market capitalization of $371.95 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. 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 company’s fifty day moving average price is $49.46 and its two-hundred day moving average price is $45.39. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88.

Bank of America (NYSE:BAC) last announced its quarterly 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 firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 EPS. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. 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. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s payout ratio is presently 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s 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 sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Citigroup lifted their target price on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Truist Financial boosted their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Finally, 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. Twenty equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $53.93.

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.