Bank of America Corporation $BAC Shares Bought by Caliber Wealth Management LLC KS

Caliber Wealth Management LLC KS boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 10.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,685 shares of the financial services provider’s stock after acquiring an additional 1,700 shares during the quarter. Caliber Wealth Management LLC KS’s holdings in Bank of America were worth $837,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlueChip Wealth Advisors LLC increased its stake in Bank of America by 4.9% during the second quarter. BlueChip Wealth Advisors LLC now owns 8,803 shares of the financial services provider’s stock worth $417,000 after acquiring an additional 414 shares during the last quarter. Rehmann Capital Advisory Group increased its stake in Bank of America by 10.0% during the second quarter. Rehmann Capital Advisory Group now owns 54,929 shares of the financial services provider’s stock worth $2,599,000 after acquiring an additional 4,980 shares during the last quarter. Parcion Private Wealth LLC boosted its position in shares of Bank of America by 1.3% during the second quarter. Parcion Private Wealth LLC now owns 79,480 shares of the financial services provider’s stock worth $3,761,000 after buying an additional 1,032 shares during the period. Adams Diversified Equity Fund Inc. grew its stake in shares of Bank of America by 9.7% in the second quarter. Adams Diversified Equity Fund Inc. now owns 930,868 shares of the financial services provider’s stock valued at $44,049,000 after buying an additional 82,600 shares in the last quarter. Finally, Patten Group Inc. grew its stake in shares of Bank of America by 531.6% in the second quarter. Patten Group Inc. now owns 63,782 shares of the financial services provider’s stock valued at $3,018,000 after buying an additional 53,684 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Bank of America Stock Down 0.9%

Shares of NYSE BAC opened at $51.05 on Thursday. The company has a market capitalization of $378.09 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The business has a 50-day moving average of $50.38 and a two-hundred day moving average of $46.08. 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 announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 EPS. On average, 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 has authorized a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $58.00 price objective (up from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Phillip Securities lifted their price objective on Bank of America from $50.00 to $56.00 in a research note on Tuesday. Wells Fargo & Company lifted their target price on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Royal Bank Of Canada lifted their target price on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Finally, TD Cowen lifted their target price on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.23.

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.