Seizert Capital Partners LLC Increases Stock Holdings in Bank of America Corporation $BAC

Seizert Capital Partners LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.9% during the second quarter, Holdings Channel reports. The firm owned 964,530 shares of the financial services provider’s stock after purchasing an additional 8,355 shares during the period. Bank of America makes up approximately 2.0% of Seizert Capital Partners LLC’s investment portfolio, making the stock its 20th largest position. Seizert Capital Partners LLC’s holdings in Bank of America were worth $45,642,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Boston Common Asset Management LLC grew its holdings in shares of Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after buying an additional 24,740 shares during the last quarter. Disciplined Investments LLC purchased a new stake in Bank of America during the 2nd quarter valued at approximately $217,000. Nicholas Hoffman & Company LLC. lifted its position in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares during the period. Sunbeam Capital Management LLC grew its stake in shares of Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares during the last quarter. Finally, CCG Wealth Management LLC acquired a new position in shares of Bank of America in the second quarter valued at approximately $287,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several analyst reports. Wells Fargo & Company increased their price target on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Barclays increased their price objective on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Evercore ISI upped 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. Morgan Stanley increased their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Stock Performance

Shares of BAC opened at $51.64 on Wednesday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The company’s 50 day simple moving average is $51.70 and its 200 day simple moving average is $48.26. The company has a market capitalization of $377.08 billion, a price-to-earnings ratio of 14.07, a PEG 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 issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period last year, the company earned $0.81 EPS. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has initiated a share repurchase plan 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 reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. 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.