Bank of America Corporation $BAC Shares Acquired by Kelleher Financial Advisors

Kelleher Financial Advisors increased its position in shares of Bank of America Corporation (NYSE:BAC) by 6.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,468 shares of the financial services provider’s stock after acquiring an additional 2,263 shares during the period. Bank of America makes up about 0.6% of Kelleher Financial Advisors’ investment portfolio, making the stock its 25th largest position. Kelleher Financial Advisors’ holdings in Bank of America were worth $1,773,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in BAC. Tobam raised its holdings in shares of Bank of America by 7.9% in the 2nd quarter. Tobam now owns 7,897 shares of the financial services provider’s stock worth $374,000 after purchasing an additional 575 shares in the last quarter. Wealth Alliance LLC grew its position in Bank of America by 7.3% in the second quarter. Wealth Alliance LLC now owns 34,150 shares of the financial services provider’s stock worth $1,616,000 after buying an additional 2,318 shares during the last quarter. Forsta AP Fonden increased its holdings in shares of Bank of America by 1.7% in the second quarter. Forsta AP Fonden now owns 1,683,000 shares of the financial services provider’s stock valued at $79,640,000 after buying an additional 28,100 shares in the last quarter. KBC Group NV lifted its position in shares of Bank of America by 2.8% during the 2nd quarter. KBC Group NV now owns 9,752,575 shares of the financial services provider’s stock valued at $461,492,000 after acquiring an additional 261,679 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its stake in Bank of America by 1.3% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,343,175 shares of the financial services provider’s stock worth $158,199,000 after purchasing an additional 44,016 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BAC. Argus boosted their price target on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Wells Fargo & Company upped their target price on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $58.00 price target (up previously from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. JPMorgan Chase & Co. lifted their target price on shares of Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Finally, Evercore ISI increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Twenty-three investment 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 an average rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Price Performance

Shares of NYSE:BAC opened at $53.60 on Wednesday. The business’s 50 day moving average is $51.45 and its 200-day moving average is $47.83. 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 firm has a market capitalization of $391.41 billion, a PE ratio of 14.60, 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.

Bank of America (NYSE:BAC) last announced its quarterly 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 analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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 paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

Bank of America declared that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.