Transatlantique Private Wealth LLC Acquires 3,431 Shares of Bank of America Corporation $BAC

Transatlantique Private Wealth LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 9.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 38,055 shares of the financial services provider’s stock after buying an additional 3,431 shares during the quarter. Transatlantique Private Wealth LLC’s holdings in Bank of America were worth $1,801,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Quaker Wealth Management LLC raised its holdings in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the last quarter. Nova Wealth Management Inc. raised its holdings in shares of 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 valued at $25,000 after buying an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter valued at about $28,000. CGC Financial Services LLC raised its holdings in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC bought a new stake in Bank of America during the 2nd quarter worth about $33,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Bank of America stock opened at $53.56 on Tuesday. The firm has a market capitalization of $396.73 billion, a P/E ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.64. The business has a 50-day moving average of $51.11 and a 200-day moving average of $47.20. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during 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 for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.81 EPS. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given 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 payout ratio is currently 30.52%.

Analyst Ratings Changes

Several brokerages have weighed in on BAC. Morgan Stanley boosted their price objective on Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Ameriprise Financial raised Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Seaport Global Securities boosted their price objective on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Daiwa Capital Markets boosted their price objective on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Finally, Oppenheimer boosted their price objective on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $57.59.

Bank of America 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.