Prasad Wealth Partners LLC Invests $219,000 in Bank of America Corporation $BAC

Prasad Wealth Partners LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 4,625 shares of the financial services provider’s stock, valued at approximately $219,000.

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Brighton Jones LLC grew its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Park Avenue Securities LLC lifted its stake in Bank of America by 12.6% during the first quarter. Park Avenue Securities LLC now owns 175,983 shares of the financial services provider’s stock worth $7,344,000 after purchasing an additional 19,727 shares during the last quarter. Central Bank & Trust Co. purchased a new stake in Bank of America during the first quarter worth approximately $223,000. Single Point Partners LLC lifted its stake in Bank of America by 306.1% during the first quarter. Single Point Partners LLC now owns 27,631 shares of the financial services provider’s stock worth $1,153,000 after purchasing an additional 20,827 shares during the last quarter. Finally, AHL Investment Management Inc. lifted its stake in Bank of America by 5.4% during the first quarter. AHL Investment Management Inc. now owns 5,953 shares of the financial services provider’s stock worth $248,000 after purchasing an additional 303 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BAC. Seaport Global Securities boosted their price objective on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. TD Cowen boosted their price objective on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. Wells Fargo & Company upped their price target on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Finally, Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Nineteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average 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 stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Bank of America Stock Down 0.6%

BAC opened at $50.36 on Tuesday. 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 market cap of $373.01 billion, a P/E ratio of 14.73, a PEG ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The business’s fifty day simple moving average is $49.42 and its 200 day simple moving average is $45.35.

Bank of America (NYSE:BAC) last released its earnings results 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the prior year, the business posted $0.83 earnings per share. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Bank of America declared that its board has authorized a stock repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors 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.