1858 Wealth Management LLC Boosts Stock Position in Bank of America Corporation $BAC

1858 Wealth Management LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 4.7% in the 2nd quarter, Holdings Channel reports. The fund owned 6,426 shares of the financial services provider’s stock after acquiring an additional 289 shares during the quarter. 1858 Wealth Management LLC’s holdings in Bank of America were worth $304,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of BAC. Brighton Jones LLC raised its stake 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 worth $4,785,000 after buying an additional 25,143 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Bank of America by 8.2% during the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock worth $4,654,000 after buying an additional 8,435 shares in the last quarter. West Branch Capital LLC raised its stake in shares of Bank of America by 14.0% during the 1st quarter. West Branch Capital LLC now owns 59,491 shares of the financial services provider’s stock worth $2,483,000 after buying an additional 7,306 shares in the last quarter. Krilogy Financial LLC raised its stake in shares of Bank of America by 18.3% during the 1st quarter. Krilogy Financial LLC now owns 39,982 shares of the financial services provider’s stock worth $1,668,000 after buying an additional 6,194 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC raised its stake in shares of Bank of America by 35.2% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,181 shares of the financial services provider’s stock worth $216,000 after buying an additional 1,348 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other 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 sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by company insiders.

Bank of America Price Performance

Shares of NYSE:BAC opened at $48.62 on Friday. The business’s fifty day moving average price is $49.61 and its two-hundred day moving average price is $45.52. The stock has a market cap of $360.12 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.83 EPS. On average, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued 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 dividend on an annualized basis and a yield of 2.3%. Bank of America’s payout ratio is currently 32.75%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Evercore ISI increased their target price on Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a report on Wednesday. Robert W. Baird restated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Finally, TD Cowen upped their price target on Bank of America from $54.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.64.

Bank of America 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.