IMS Capital Management Acquires Shares of 43,209 Bank of America Corporation $BAC

IMS Capital Management acquired a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 43,209 shares of the financial services provider’s stock, valued at approximately $2,045,000.

Other institutional investors have also recently made changes to their positions in the company. Wealth Advisory Solutions LLC boosted its holdings in Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the last quarter. Centurion Wealth Management LLC grew its holdings in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 225 shares during the period. Nova Wealth Management Inc. raised its position in Bank of America by 75.2% during the second 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 in the last quarter. Cape Investment Advisory Inc. raised its position in Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 238 shares in the last quarter. Finally, Menard Financial Group LLC lifted its holdings in Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock valued at $906,000 after acquiring an additional 240 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.5%

BAC stock opened at $51.68 on Wednesday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. 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 50-day simple moving average of $48.76 and a 200-day simple moving average of $44.68. The stock has a market capitalization of $382.78 billion, a P/E ratio of 15.11, a P/E/G ratio of 2.01 and a beta of 1.34.

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 (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the previous year, the firm posted $0.83 EPS. Bank of America’s revenue was up 4.3% compared to the same quarter last year. Equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share 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. Investors 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 a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BAC. The Goldman Sachs Group raised their price objective on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Wells Fargo & Company raised their price target on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the company an “outperform” rating in a report on Monday, June 30th. Robert W. Baird reissued a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Finally, Truist Financial raised their target price 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. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $50.76.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction 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 transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

About Bank of America

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.