Bank of America Corporation $BAC Stake Lifted by Lansing Street Advisors

Lansing Street Advisors increased its stake in Bank of America Corporation (NYSE:BAC) by 2.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,065 shares of the financial services provider’s stock after acquiring an additional 652 shares during the period. Lansing Street Advisors’ holdings in Bank of America were worth $1,139,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Wealth Advisory Solutions LLC lifted its holdings in Bank of America by 4.4% during the 2nd 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 lifted its holdings in Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares during the last quarter. Nova Wealth Management Inc. lifted its holdings in 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 during the last quarter. Cape Investment Advisory Inc. lifted its holdings in Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 238 shares during the last quarter. Finally, Rainier Family Wealth Inc. lifted its holdings in Bank of America by 3.9% during the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock valued at $303,000 after purchasing an additional 239 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of several analyst reports. Morgan Stanley lifted their price target on shares of Bank of America from $50.00 to $66.00 and gave the company 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 research note on Tuesday, July 8th. Oppenheimer dropped their target price on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Tuesday, September 23rd. Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Finally, 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. Twenty equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.93.

Bank of America Stock Down 0.3%

Shares of NYSE:BAC opened at $50.22 on Wednesday. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a 50 day moving average of $49.46 and a 200-day moving average of $45.39. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market cap of $371.95 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the previous year, the company earned $0.83 EPS. Bank of America’s revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

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

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

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

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.