Bank of America Corporation $BAC Stake Increased by Woodmont Investment Counsel LLC

Woodmont Investment Counsel LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 2.2% in the second quarter, Holdings Channel reports. The institutional investor owned 122,462 shares of the financial services provider’s stock after acquiring an additional 2,664 shares during the quarter. Woodmont Investment Counsel LLC’s holdings in Bank of America were worth $5,795,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the last quarter. Cloud Capital Management LLC acquired a new position in Bank of America in the first quarter worth $40,000. HighMark Wealth Management LLC boosted its holdings in Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 743 shares during the period. Marshall & Sullivan Inc. WA acquired a new position in Bank of America in the second quarter worth $54,000. Finally, Highline Wealth Partners LLC boosted its holdings in Bank of America by 37.1% in the first quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 313 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Truist Financial lifted their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Morgan Stanley lifted their price objective on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada boosted their price target on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Nineteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.38.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.30% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of BAC opened at $50.63 on Monday. The company has a market cap of $374.98 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The firm has a fifty day moving average of $49.37 and a 200-day moving average of $45.30. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. 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 (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, topping the consensus estimate 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 company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.83 earnings per share. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s dividend payout ratio is currently 32.75%.

Bank of America announced that its board has authorized a stock repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.