Atlantic Edge Private Wealth Management LLC Boosts Stock Holdings in Bank of America Corporation $BAC

Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 39,756 shares of the financial services provider’s stock after purchasing an additional 1,352 shares during the period. Atlantic Edge Private Wealth Management LLC’s holdings in Bank of America were worth $1,881,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Nova Wealth Management Inc. increased its position 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 period. RMG Wealth Management LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at about $28,000. CGC Financial Services LLC boosted its holdings in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares in the last quarter. Acima Private Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at about $33,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America in the 1st quarter valued at about $40,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.4%

BAC stock opened at $52.02 on Tuesday. The firm has a 50 day moving average of $50.23 and a 200 day moving average of $46.00. The stock has a market capitalization of $385.32 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate 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 business had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the business posted $0.81 EPS. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Insider Buying and Selling

In other Bank of America 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 directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BAC. UBS Group raised their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Truist Financial raised their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. HSBC raised their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Seaport Global Securities lifted their target price on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.29.

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.