Falcon Wealth Planning Has $2.10 Million Stock Holdings in Bank of America Corporation $BAC

Falcon Wealth Planning boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 2.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 44,322 shares of the financial services provider’s stock after buying an additional 995 shares during the quarter. Falcon Wealth Planning’s holdings in Bank of America were worth $2,097,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. Novem Group lifted its stake in shares of Bank of America by 4.6% in the 2nd quarter. Novem Group now owns 9,994 shares of the financial services provider’s stock valued at $473,000 after purchasing an additional 440 shares during the period. Beaumont Financial Advisors LLC lifted its stake in shares of Bank of America by 1.1% in the 2nd quarter. Beaumont Financial Advisors LLC now owns 83,528 shares of the financial services provider’s stock valued at $3,953,000 after purchasing an additional 892 shares during the period. Five Oceans Advisors lifted its stake in shares of Bank of America by 3.4% in the 2nd quarter. Five Oceans Advisors now owns 12,330 shares of the financial services provider’s stock valued at $583,000 after purchasing an additional 405 shares during the period. EdgeRock Capital LLC lifted its stake in shares of Bank of America by 10.2% in the 2nd quarter. EdgeRock Capital LLC now owns 7,123 shares of the financial services provider’s stock valued at $338,000 after purchasing an additional 658 shares during the period. Finally, Patron Partners LLC lifted its stake in shares of Bank of America by 8.9% in the 2nd quarter. Patron Partners LLC now owns 13,399 shares of the financial services provider’s stock valued at $634,000 after purchasing an additional 1,099 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BAC. Morgan Stanley increased their price target on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday, June 23rd. Truist Financial increased their price target on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an “outperform” rating in a research note on Monday, June 30th. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Finally, Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.92.

Bank of America Stock Performance

Shares of BAC stock opened at $51.84 on Friday. The company’s fifty day simple moving average is $48.97 and its 200-day simple moving average is $44.81. 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 firm has a market cap of $384.01 billion, a PE ratio of 15.16, a P/E/G ratio of 2.00 and a beta of 1.34. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 32.75%.

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

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by insiders.

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.