Bank of America Corporation $BAC Shares Purchased by Signature Estate & Investment Advisors LLC

Signature Estate & Investment Advisors LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 6.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,476 shares of the financial services provider’s stock after purchasing an additional 701 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in Bank of America were worth $590,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. boosted its holdings in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the second quarter valued at $28,000. CGC Financial Services LLC boosted its holdings in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the period. Acima Private Wealth LLC acquired a new position in shares of Bank of America during the second quarter valued at $33,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Bank of America during the first quarter valued at $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $52.02 on Tuesday. The company has a market capitalization of $385.32 billion, a P/E ratio of 14.17, a PEG ratio of 1.95 and a beta of 1.33. The company has a 50-day simple moving average of $50.23 and a 200 day simple moving average of $46.00. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. Sell-side analysts predict 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 approved a stock repurchase program 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 programs are typically an indication that the company’s management 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 given a $0.28 dividend. This represents a $1.12 annualized dividend and a 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 (DPR) is presently 30.52%.

Insider Buying and Selling

In other Bank of America 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 value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAC. Citigroup boosted their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday. Piper Sandler boosted their price target on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday. Barclays boosted their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Wolfe Research boosted their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Finally, HSBC boosted their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.29.

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.