Garde Capital Inc. Has $584,000 Holdings in Bank of America Corporation $BAC

Garde Capital Inc. grew its holdings in Bank of America Corporation (NYSE:BAC) by 7.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,338 shares of the financial services provider’s stock after purchasing an additional 859 shares during the quarter. Garde Capital Inc.’s holdings in Bank of America were worth $584,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in BAC. Sage Capital Advisors llc boosted its position in shares of Bank of America by 8.1% in the second quarter. Sage Capital Advisors llc now owns 12,559 shares of the financial services provider’s stock valued at $594,000 after acquiring an additional 940 shares during the period. Norway Savings Bank acquired a new position in Bank of America during the 2nd quarter valued at $204,000. Howard Financial Services LTD. boosted its holdings in Bank of America by 8.0% in the 2nd quarter. Howard Financial Services LTD. now owns 8,303 shares of the financial services provider’s stock valued at $393,000 after purchasing an additional 617 shares during the period. Doliver Advisors LP acquired a new stake in Bank of America in the 2nd quarter worth $622,000. Finally, First Financial Bank Trust Division increased its holdings in shares of Bank of America by 0.4% during the 2nd quarter. First Financial Bank Trust Division now owns 202,902 shares of the financial services provider’s stock worth $9,601,000 after purchasing an additional 823 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. Truist Financial increased their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. The Goldman Sachs Group raised their price objective on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and upped their target price for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Finally, Baird R W downgraded shares of 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.39.

Bank of America Stock Down 0.3%

Shares of BAC opened at $50.60 on Friday. The company has a market capitalization of $374.79 billion, a P/E ratio of 14.80, a PEG ratio of 1.97 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $50.96. The business’s 50 day simple moving average is $48.13 and its 200-day simple moving average is $44.28.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

Bank of America announced that its Board of Directors has approved a share repurchase 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by insiders.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.