Premier Path Wealth Partners LLC Buys 3,182 Shares of Bank of America Corporation $BAC

Premier Path Wealth Partners LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 46,313 shares of the financial services provider’s stock after buying an additional 3,182 shares during the period. Premier Path Wealth Partners LLC’s holdings in Bank of America were worth $2,192,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of BAC. Quaker Wealth Management LLC boosted its holdings in shares of Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the period. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% during the 2nd 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 last quarter. RMG Wealth Management LLC bought a new stake in Bank of America in the 2nd quarter valued at $28,000. CGC Financial Services LLC grew its holdings in 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 buying an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC bought a new position in Bank of America during the 2nd quarter worth $33,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC stock opened at $52.58 on Thursday. The company’s 50-day moving average price is $50.86 and its two-hundred day moving average price is $46.80. The firm has a market cap of $389.43 billion, a P/E ratio of 14.33, a P/E/G ratio of 2.00 and a beta of 1.33. 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 Corporation has a 12 month low of $33.06 and a 12 month high of $53.28.

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 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 net margin of 15.70% and a return on equity of 10.76%. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 EPS. On average, analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. 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 dividend payout ratio (DPR) is presently 30.52%.

Bank of America declared that its board has initiated a share buyback 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 usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BAC shares. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Truist Financial boosted their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Phillip Securities increased their target price on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Wolfe Research lifted their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Finally, Argus increased their price target on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.27.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction 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 transaction, the insider 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

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.