Occidental Asset Management LLC Makes New $219,000 Investment in Bank of America Co. (NYSE:BAC)

Occidental Asset Management LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,645 shares of the financial services provider’s stock, valued at approximately $219,000.

Other large investors have also added to or reduced their stakes in the company. Tanglewood Legacy Advisors LLC bought a new stake in Bank of America during the fourth quarter worth $26,000. FNY Investment Advisers LLC grew its stake in shares of Bank of America by 75.9% in the 2nd quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 397 shares in the last quarter. Castleview Partners LLC purchased a new stake in shares of Bank of America in the first quarter valued at about $28,000. Ahrens Investment Partners LLC bought a new position in shares of Bank of America during the first quarter valued at about $31,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Bank of America during the first quarter worth about $34,000. Institutional investors own 68.06% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on BAC. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 price objective on shares of Bank of America in a research note on Tuesday, September 12th. Oppenheimer dropped their price target on Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, August 18th. Piper Sandler reduced their price objective on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research note on Friday. HSBC started coverage on Bank of America in a research note on Thursday, September 7th. They set a “buy” rating and a $35.00 target price on the stock. Finally, Wells Fargo & Company reduced their price target on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, August 23rd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has an average rating of “Hold” and a consensus target price of $35.98.

Bank of America Stock Performance

Shares of BAC stock opened at $28.76 on Tuesday. The firm’s 50 day moving average is $29.98 and its 200 day moving average is $29.22. The stock has a market capitalization of $228.54 billion, a P/E ratio of 8.26, a PEG ratio of 1.21 and a beta of 1.37. Bank of America Co. has a 12 month low of $26.32 and a 12 month high of $38.60. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The firm had revenue of $25.20 billion during the quarter, compared to analyst estimates of $24.98 billion. During the same period last year, the company earned $0.73 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Co. will post 3.41 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend is Thursday, August 31st. This is a positive change from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s payout ratio is presently 27.59%.

Insider Activity

In other news, insider Dean C. Athanasia sold 77,806 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total value of $2,449,332.88. Following the completion of the transaction, the insider now directly owns 353,971 shares in the company, valued at $11,143,007.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Bank of America news, insider James P. Demare sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total value of $2,364,750.00. Following the sale, the insider now owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Dean C. Athanasia sold 77,806 shares of the business’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $31.48, for a total value of $2,449,332.88. Following the transaction, the insider now directly owns 353,971 shares of the company’s stock, valued at approximately $11,143,007.08. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.

Bank of America Company 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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.