Measured Wealth Private Client Group LLC Makes New Investment in Bank of America Corporation $BAC

Measured Wealth Private Client Group LLC purchased a new stake in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,983 shares of the financial services provider’s stock, valued at approximately $236,000.

A number of other large investors have also made changes to their positions in BAC. Wealth Advisory Solutions LLC lifted its holdings in Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares in the last quarter. Ballast Advisors LLC increased its holdings in shares of Bank of America by 4.1% in the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after acquiring an additional 218 shares in the last quarter. Cyndeo Wealth Partners LLC raised its position in shares of Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 221 shares during the period. Centurion Wealth Management LLC lifted its holdings in shares of Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. lifted its holdings in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $53.70 on Friday. The stock has a market capitalization of $392.11 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.69. The firm has a fifty day simple moving average of $51.90 and a 200 day simple moving average of $48.76. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

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, beating 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 firm had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the business earned $0.81 EPS. The company’s revenue was up 10.8% compared to the same quarter last year. Research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BAC. TD Cowen increased their target price on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. HSBC raised their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Oppenheimer reduced their target price on shares of Bank of America from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Finally, Wolfe Research increased their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.77.

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.