Slagle Financial LLC Has $3.43 Million Stock Position in Bank of America Corporation $BAC

Slagle Financial LLC increased its position in Bank of America Corporation (NYSE:BAC) by 3.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,379 shares of the financial services provider’s stock after buying an additional 2,588 shares during the period. Bank of America accounts for approximately 1.4% of Slagle Financial LLC’s investment portfolio, making the stock its 21st biggest holding. Slagle Financial LLC’s holdings in Bank of America were worth $3,425,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BAC. Quaker Wealth Management LLC lifted its holdings in shares of Bank of America by 246.5% in 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. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter valued at $28,000. CGC Financial Services LLC lifted its stake in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC acquired a new position in shares of Bank of America during the second quarter valued at about $33,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.6%

Shares of NYSE:BAC opened at $52.57 on Monday. The firm has a fifty day moving average price of $51.63 and a two-hundred day moving average price of $48.11. The company has a market cap of $383.88 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $54.69.

Bank of America (NYSE:BAC) last posted its earnings results 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. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 earnings per share. Analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Phillip Securities raised their price target on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Deutsche Bank Aktiengesellschaft raised their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Keefe, Bruyette & Woods reaffirmed 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. Morgan Stanley increased their price target on Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Finally, JPMorgan Chase & Co. raised their price objective on Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Twenty-three research 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.

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.