Tectonic Advisors LLC Purchases 3,033 Shares of Bank of America Corporation $BAC

Tectonic Advisors LLC grew its position in Bank of America Corporation (NYSE:BAC) by 10.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,178 shares of the financial services provider’s stock after acquiring an additional 3,033 shares during the period. Tectonic Advisors LLC’s holdings in Bank of America were worth $1,570,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of BAC. Nova Wealth Management Inc. lifted its stake in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC acquired a new position in Bank of America during the 2nd quarter valued at about $28,000. Cloud Capital Management LLC bought a new position in shares of Bank of America in the 1st quarter valued at about $40,000. HighMark Wealth Management LLC grew its position in shares of Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after buying an additional 743 shares during the period. Finally, Highline Wealth Partners LLC grew its position in shares of Bank of America by 37.1% during the 1st quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock worth $48,000 after buying an additional 313 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $49.82 on Thursday. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a market cap of $369.01 billion, a P/E ratio of 14.57, a P/E/G ratio of 1.95 and a beta of 1.33. The firm’s fifty day moving average price is $49.50 and its two-hundred day moving average price is $45.42. 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 released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the prior year, the company posted $0.83 earnings per share. Bank of America’s revenue was up 4.3% compared to the same quarter last year. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has approved a stock buyback plan 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 repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

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 represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio is currently 32.75%.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated 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 directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several analyst reports. Morgan Stanley increased their price objective on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday. Seaport Global Securities boosted their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday. Finally, TD Cowen increased their price target on shares of Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.11.

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.