World Investment Advisors Grows Stock Position in Bank of America Corporation $BAC

World Investment Advisors increased its position in shares of Bank of America Corporation (NYSE:BAC) by 5.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 158,707 shares of the financial services provider’s stock after buying an additional 7,705 shares during the quarter. World Investment Advisors’ holdings in Bank of America were worth $7,510,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BAC. Brighton Jones LLC raised its position in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Golden State Wealth Management LLC raised its position in shares of Bank of America by 7.8% during the 1st quarter. Golden State Wealth Management LLC now owns 24,276 shares of the financial services provider’s stock valued at $1,013,000 after buying an additional 1,765 shares during the period. Mather Group LLC. raised its position in Bank of America by 7.3% in the first quarter. Mather Group LLC. now owns 37,717 shares of the financial services provider’s stock valued at $1,574,000 after purchasing an additional 2,582 shares during the period. Vontobel Holding Ltd. raised its position in Bank of America by 11.3% in the first quarter. Vontobel Holding Ltd. now owns 251,933 shares of the financial services provider’s stock valued at $10,513,000 after purchasing an additional 25,549 shares during the period. Finally, Clear Creek Financial Management LLC raised its position in Bank of America by 66.8% in the first quarter. Clear Creek Financial Management LLC now owns 8,715 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 3,489 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $52.58 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a fifty day simple moving average of $50.86 and a two-hundred day simple moving average of $46.80. The company has a market cap of $389.43 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 2.00 and a beta of 1.33. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.28.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm 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 company’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 earnings per share. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has initiated a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

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

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction on Friday, August 1st. The shares were 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 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 document filed with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on BAC. HSBC boosted their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. The Goldman Sachs Group cut their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday. UBS Group boosted their target price on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Truist Financial boosted their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Finally, Royal Bank Of Canada boosted their price target on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $57.27.

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.