Fox Run Management L.L.C. Invests $1.53 Million in Bank of America Corporation $BAC

Fox Run Management L.L.C. acquired a new position in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 32,419 shares of the financial services provider’s stock, valued at approximately $1,534,000.

Several other institutional investors have also added to or reduced their stakes in the business. Brighton Jones LLC grew its stake in Bank of America by 30.0% in 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 in the last quarter. Leavell Investment Management Inc. raised its stake in shares of Bank of America by 5.4% during the 1st quarter. Leavell Investment Management Inc. now owns 16,808 shares of the financial services provider’s stock valued at $701,000 after purchasing an additional 857 shares during the period. Processus Wealth & Capital Management LLC lifted its holdings in Bank of America by 1.0% during the 1st quarter. Processus Wealth & Capital Management LLC now owns 77,464 shares of the financial services provider’s stock worth $3,233,000 after purchasing an additional 769 shares in the last quarter. Clarity Wealth Advisors LLC boosted its position in shares of Bank of America by 35.5% in the first quarter. Clarity Wealth Advisors LLC now owns 7,501 shares of the financial services provider’s stock valued at $313,000 after acquiring an additional 1,964 shares during the period. Finally, Diversify Wealth Management LLC increased its holdings in Bank of America by 37.3% during the 1st quarter. Diversify Wealth Management LLC now owns 106,239 shares of the financial services provider’s stock worth $4,248,000 after acquiring an additional 28,860 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $53.22 on Friday. The company has a market capitalization of $388.62 billion, a P/E ratio of 14.50, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.99. 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 stock has a 50 day moving average price of $51.33 and a two-hundred day moving average price of $47.51.

Bank of America (NYSE:BAC) last issued 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. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the business earned $0.81 earnings per share. The business’s revenue was up 10.8% on a year-over-year basis. Analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Bank of America declared that its Board of Directors has approved a stock repurchase 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Barclays boosted their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. UBS Group boosted their target price on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. HSBC raised their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Piper Sandler lifted their target price on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Finally, Truist Financial lifted their price target 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. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

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.