Bank of America Corporation $BAC Shares Acquired by Koshinski Asset Management Inc.

Koshinski Asset Management Inc. grew its holdings in Bank of America Corporation (NYSE:BAC) by 3.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,936 shares of the financial services provider’s stock after purchasing an additional 2,137 shares during the period. Koshinski Asset Management Inc.’s holdings in Bank of America were worth $2,789,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Nova Wealth Management Inc. lifted its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at $28,000. CGC Financial Services LLC lifted its stake in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the last quarter. Acima Private Wealth LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at $33,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Bank of America in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated 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 represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Evercore ISI increased their target price on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday. Truist Financial increased their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Saturday, October 11th. Twenty-one research 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 $56.76.

Bank of America Price Performance

Shares of NYSE BAC opened at $51.28 on Friday. The stock’s 50-day moving average is $50.11 and its two-hundred day moving average is $45.79. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a market cap of $379.83 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the business earned $0.81 EPS. Bank of America’s revenue was up 10.8% on a year-over-year basis. Analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has approved a share repurchase 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 reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared 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 positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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.