CCG Wealth Management LLC Buys New Stake in Bank of America Corporation $BAC

CCG Wealth Management LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 6,055 shares of the financial services provider’s stock, valued at approximately $287,000.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Brighton Jones LLC lifted 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 in the last quarter. GAMMA Investing LLC lifted its holdings in 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 worth $4,654,000 after buying an additional 8,435 shares in the last quarter. West Branch Capital LLC lifted its holdings in Bank of America by 14.0% in 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 lifted its holdings in Bank of America by 18.3% in 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 lifted its holdings in Bank of America by 35.2% in 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. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $48.62 on Friday. The firm 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 firm’s 50-day simple moving average is $49.61 and its 200-day simple moving average is $45.52. 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 1 year low of $33.06 and a 1 year high of $52.88.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The business 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 company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 EPS. Equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is currently 32.75%.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a report on Friday. The Goldman Sachs Group boosted their price objective on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Evercore ISI boosted their price objective on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. UBS Group boosted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Finally, Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.64.

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.