Bank of America Corporation $BAC Shares Acquired by Planned Solutions Inc.

Planned Solutions Inc. lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 2.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,307 shares of the financial services provider’s stock after purchasing an additional 285 shares during the quarter. Planned Solutions Inc.’s holdings in Bank of America were worth $488,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Boston Common Asset Management LLC grew its stake in Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after acquiring an additional 24,740 shares during the period. Nicholas Hoffman & Company LLC. grew its stake in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after acquiring an additional 33,963 shares during the period. Sunbeam Capital Management LLC grew its stake in Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 439 shares during the period. CCG Wealth Management LLC acquired a new stake in Bank of America in the 2nd quarter valued at $287,000. Finally, Community Financial Services Group LLC grew its stake in Bank of America by 3.5% in the 2nd quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock valued at $8,000,000 after acquiring an additional 5,787 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BAC shares. Robert W. Baird reissued a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Oppenheimer lifted their price target on shares of Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Piper Sandler raised their price objective on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a report on Thursday. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.29.

Bank of America Trading Up 1.7%

Shares of BAC stock opened at $51.28 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s fifty day moving average is $50.11 and its two-hundred day moving average is $45.82. The firm has a market capitalization of $379.83 billion, a P/E ratio of 13.97, a PEG ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The company also recently disclosed 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. The ex-dividend date 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 (DPR) is 30.52%.

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.