Analyst IMS Investment Management Services Ltd. Has $2.52 Million Stock Holdings in Bank of America Corporation $BAC

Analyst IMS Investment Management Services Ltd. grew its position in shares of Bank of America Corporation (NYSE:BAC) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 53,282 shares of the financial services provider’s stock after purchasing an additional 1,063 shares during the quarter. Analyst IMS Investment Management Services Ltd.’s holdings in Bank of America were worth $2,521,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BAC. Brighton Jones LLC boosted its stake in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Golden State Wealth Management LLC lifted its stake in shares of Bank of America by 7.8% in the first quarter. Golden State Wealth Management LLC now owns 24,276 shares of the financial services provider’s stock worth $1,013,000 after acquiring an additional 1,765 shares during the period. Sovran Advisors LLC lifted its stake in shares of Bank of America by 37.4% in the first quarter. Sovran Advisors LLC now owns 8,153 shares of the financial services provider’s stock worth $340,000 after acquiring an additional 2,218 shares during the period. Valley National Advisers Inc. lifted its stake in shares of Bank of America by 10.2% in the first quarter. Valley National Advisers Inc. now owns 9,568 shares of the financial services provider’s stock worth $398,000 after acquiring an additional 883 shares during the period. Finally, MorganRosel Wealth Management LLC acquired a new position in shares of Bank of America in the first quarter worth approximately $50,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BAC. The Goldman Sachs Group cut their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Truist Financial lifted their price objective 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. Ameriprise Financial raised Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Finally, JPMorgan Chase & Co. boosted their price target on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $57.27.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Shares of BAC opened at $52.85 on Wednesday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.28. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business’s 50 day moving average price is $50.77 and its two-hundred day moving average price is $46.68. The firm has a market cap of $391.42 billion, a PE ratio of 14.40, a price-to-earnings-growth ratio of 2.01 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 (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.81 earnings per share. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.