Plotkin Financial Advisors LLC Purchases Shares of 4,550 Bank of America Corporation $BAC

Plotkin Financial Advisors LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 4,550 shares of the financial services provider’s stock, valued at approximately $215,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Western Wealth Management LLC raised its stake in Bank of America by 6.1% during the second quarter. Western Wealth Management LLC now owns 90,319 shares of the financial services provider’s stock worth $4,274,000 after buying an additional 5,196 shares during the last quarter. Bell Investment Advisors Inc boosted its position in Bank of America by 30.8% during the second quarter. Bell Investment Advisors Inc now owns 1,958 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 461 shares during the last quarter. Crossmark Global Holdings Inc. grew its holdings in Bank of America by 0.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 868,102 shares of the financial services provider’s stock worth $41,079,000 after acquiring an additional 3,362 shares during the period. Tortoise Investment Management LLC raised its position in shares of Bank of America by 15.9% in the 2nd quarter. Tortoise Investment Management LLC now owns 2,876 shares of the financial services provider’s stock worth $136,000 after acquiring an additional 395 shares in the last quarter. Finally, Kingsview Wealth Management LLC raised its position in shares of Bank of America by 2.3% in the 2nd quarter. Kingsview Wealth Management LLC now owns 118,761 shares of the financial services provider’s stock worth $5,620,000 after acquiring an additional 2,701 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. Argus upped their target price on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Oppenheimer lifted their price objective on shares of Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $58.00 target price (up previously from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Finally, Wolfe Research increased their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Price Performance

BAC stock opened at $52.57 on Friday. The company has a market capitalization of $383.88 billion, a P/E ratio of 14.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $54.69. The business has a 50-day simple moving average of $51.63 and a two-hundred day simple moving average of $48.05. 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 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. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter last year, the company earned $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase 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 purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

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 presently 30.52%.

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.