Intrua Financial LLC Acquires 2,386 Shares of Bank of America Corporation $BAC

Intrua Financial LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 19.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,526 shares of the financial services provider’s stock after acquiring an additional 2,386 shares during the period. Intrua Financial LLC’s holdings in Bank of America were worth $687,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in BAC. Brighton Jones LLC raised its position in shares of Bank of America by 30.0% during the fourth 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 during the last quarter. Kingsview Wealth Management LLC increased its holdings in Bank of America by 1.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 116,060 shares of the financial services provider’s stock valued at $4,843,000 after acquiring an additional 2,080 shares during the last quarter. Creekmur Asset Management LLC lifted its stake in Bank of America by 45,756.3% in the 1st quarter. Creekmur Asset Management LLC now owns 14,674 shares of the financial services provider’s stock worth $612,000 after purchasing an additional 14,642 shares in the last quarter. Diversify Advisory Services LLC boosted its holdings in shares of Bank of America by 11.5% during the 1st quarter. Diversify Advisory Services LLC now owns 90,295 shares of the financial services provider’s stock valued at $3,611,000 after purchasing an additional 9,315 shares during the last quarter. Finally, AMG National Trust Bank grew its position in shares of Bank of America by 3.3% during the first quarter. AMG National Trust Bank now owns 44,564 shares of the financial services provider’s stock valued at $1,860,000 after purchasing an additional 1,412 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $52.57 on Friday. The business’s 50 day moving average price is $51.63 and its 200-day moving average price is $47.99. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $54.69. The company has a market cap of $383.88 billion, a P/E ratio of 14.32, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 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 company had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Announces Dividend

The firm 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 dividend of $0.28 per share. The ex-dividend date of this dividend 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 dividend payout ratio is currently 30.52%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research analyst reports. HSBC boosted their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Daiwa Capital Markets upped 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. TD Cowen increased their target price on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Truist Financial boosted their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Citigroup upped their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.86.

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.