HB Wealth Management LLC Buys 63,455 Shares of Bank of America Corporation (NYSE:BAC)

HB Wealth Management LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 21.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 353,925 shares of the financial services provider’s stock after buying an additional 63,455 shares during the quarter. HB Wealth Management LLC’s holdings in Bank of America were worth $14,769,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of BAC. Brighton Jones LLC grew its stake in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock worth $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Bank of America in the fourth quarter worth $243,000. Fox Run Management L.L.C. bought a new stake in shares of Bank of America in the fourth quarter worth $219,000. Finally, Artisan Partners Limited Partnership lifted its position in shares of Bank of America by 4.4% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,372 shares of the financial services provider’s stock worth $108,880,000 after purchasing an additional 104,353 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.2%

Shares of BAC stock opened at $48.47 on Friday. The firm has a 50 day moving average price of $45.91 and a two-hundred day moving average price of $43.75. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $365.09 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.88 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $49.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the business posted $0.83 earnings per share. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is 30.41%.

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

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Barclays cut their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Truist Financial increased their price target on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Citigroup increased their price target on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. Argus reduced their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Oppenheimer reduced their price target on Bank of America from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $50.03.

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.