Mitchell Mcleod Pugh & Williams Inc. Buys 1,325 Shares of Bank of America Corporation $BAC

Mitchell Mcleod Pugh & Williams Inc. boosted its stake in Bank of America Corporation (NYSE:BAC) by 2.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 55,538 shares of the financial services provider’s stock after purchasing an additional 1,325 shares during the period. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Bank of America were worth $2,628,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in BAC. Brighton Jones LLC grew its position in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. GAMMA Investing LLC grew its position in Bank of America by 8.2% in the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock worth $4,654,000 after purchasing an additional 8,435 shares during the period. Elevation Point Wealth Partners LLC grew its position in Bank of America by 35.2% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,181 shares of the financial services provider’s stock worth $216,000 after purchasing an additional 1,348 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Bank of America by 64.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 5,534 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 2,179 shares during the period. Finally, Hanson & Doremus Investment Management grew its position in shares of Bank of America by 108.1% during the 1st quarter. Hanson & Doremus Investment Management now owns 4,813 shares of the financial services provider’s stock valued at $201,000 after acquiring an additional 2,500 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BAC. 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. Oppenheimer cut their price objective on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. HSBC boosted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Finally, UBS Group boosted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $54.64.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’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 $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is currently owned by insiders.

Bank of America Stock Up 2.4%

BAC opened at $50.04 on Wednesday. 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 Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm’s fifty day moving average is $49.76 and its 200 day moving average is $45.62. The stock has a market cap of $370.62 billion, a price-to-earnings ratio of 14.63, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33.

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, 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 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 for the quarter 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 fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, September 5th. This is an increase 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 announced that its Board of Directors has approved 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 reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Company 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.