Bank of America Corporation $BAC Position Boosted by Eagle Wealth Strategies LLC

Eagle Wealth Strategies LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,363 shares of the financial services provider’s stock after purchasing an additional 290 shares during the period. Eagle Wealth Strategies LLC’s holdings in Bank of America were worth $443,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Nova Wealth Management Inc. boosted its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Cloud Capital Management LLC bought a new position in shares of Bank of America during the 1st quarter valued at about $40,000. Perkins Coie Trust Co boosted its position in shares of Bank of America by 67.8% during the 1st quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 423 shares in the last quarter. Cranbrook Wealth Management LLC boosted its position in shares of Bank of America by 41.2% during the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 306 shares in the last quarter. Finally, HighMark Wealth Management LLC lifted its stake in 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 valued at $43,000 after buying an additional 743 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BAC shares. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. Citigroup upped their price target on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Finally, Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.82.

Bank of America Trading Up 0.3%

NYSE:BAC opened at $52.36 on Tuesday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The firm has a market cap of $387.83 billion, a price-to-earnings ratio of 15.31, a P/E/G ratio of 2.02 and a beta of 1.34. 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 company’s 50 day moving average is $49.16 and its 200-day moving average is $45.05.

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

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date was 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 2.1%. Bank of America’s dividend payout ratio is 32.75%.

Bank of America announced that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were 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 approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

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.