Los Angeles Capital Management LLC Raises Holdings in Bank of America Corporation $BAC

Los Angeles Capital Management LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 568,090 shares of the financial services provider’s stock after buying an additional 15,665 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Bank of America were worth $26,882,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. 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 worth $25,000 after acquiring an additional 227 shares during the last quarter. Quaker Wealth Management LLC increased its position in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America in the 2nd quarter valued at about $28,000. CGC Financial Services LLC lifted 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 purchasing an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. TD Cowen upped their price objective on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group reduced their price target on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Piper Sandler increased their target price on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Finally, Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Trading Down 0.1%

Shares of BAC opened at $53.22 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.99. The stock’s 50-day moving average is $51.33 and its two-hundred day moving average is $47.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market cap of $388.62 billion, a PE ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate 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 was up 10.8% on a year-over-year basis. During the same period last year, the business posted $0.81 EPS. Equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently announced 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 is 30.52%.

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.