BCS Wealth Management Grows Position in Bank of America Corporation $BAC

BCS Wealth Management boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 237.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,318 shares of the financial services provider’s stock after buying an additional 17,808 shares during the period. BCS Wealth Management’s holdings in Bank of America were worth $1,198,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Nova Wealth Management Inc. increased its holdings in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the period. Wood Tarver Financial Group LLC purchased a new position in Bank of America during the 4th quarter worth $38,000. Mascagni Wealth Management Inc. acquired a new position in Bank of America in the fourth quarter valued at $40,000. Cloud Capital Management LLC purchased a new stake in shares of Bank of America in the first quarter valued at about $40,000. Finally, HighMark Wealth Management LLC boosted its stake in shares of Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after buying an additional 743 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $51.68 on Wednesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The firm has a market capitalization of $382.78 billion, a P/E ratio of 15.11, a PEG ratio of 2.01 and a beta of 1.34. The company’s fifty day moving average is $48.76 and its two-hundred day moving average is $44.68.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The business 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 was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.83 EPS. Analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis 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 payout ratio is 32.75%.

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

BAC has been the topic of several recent research reports. Citigroup boosted their price target on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday. Robert W. Baird restated a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Wells Fargo & Company increased their price target on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, HSBC cut shares of Bank of America from a “buy” rating to a “hold” rating and raised their target price for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.76.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred on 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 sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by company 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.