Nvwm LLC Acquires 1,441 Shares of Bank of America Corporation $BAC

Nvwm LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,031 shares of the financial services provider’s stock after buying an additional 1,441 shares during the quarter. Nvwm LLC’s holdings in Bank of America were worth $2,367,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Walkner Condon Financial Advisors LLC lifted its holdings in Bank of America by 13.3% in the 2nd quarter. Walkner Condon Financial Advisors LLC now owns 8,320 shares of the financial services provider’s stock worth $394,000 after purchasing an additional 979 shares during the last quarter. Bryn Mawr Trust Advisors LLC raised its holdings in Bank of America by 11.7% in the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 17,838 shares of the financial services provider’s stock worth $844,000 after acquiring an additional 1,866 shares during the period. Maltin Wealth Management Inc. boosted its holdings in Bank of America by 11.0% during the second quarter. Maltin Wealth Management Inc. now owns 8,183 shares of the financial services provider’s stock valued at $387,000 after acquiring an additional 812 shares during the period. Atlas Legacy Advisors LLC grew its position in shares of Bank of America by 13.6% in the second quarter. Atlas Legacy Advisors LLC now owns 5,826 shares of the financial services provider’s stock valued at $276,000 after purchasing an additional 699 shares during the last quarter. Finally, Valtinson Bruner Financial Planning LLC grew its position in shares of Bank of America by 5.3% in the second quarter. Valtinson Bruner Financial Planning LLC now owns 5,985 shares of the financial services provider’s stock valued at $283,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on BAC. HSBC increased their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Daiwa Capital Markets boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Evercore ISI increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Robert W. Baird boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Finally, Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Trading Up 1.8%

Shares of BAC opened at $53.38 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $389.81 billion, a PE ratio of 14.54, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.99. The stock has a 50 day simple moving average of $51.28 and a 200-day simple moving average of $47.39.

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 for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 earnings per share. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are typically 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. Shareholders 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 yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

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.