Cardinal Point Capital Management ULC Increases Holdings in Bank of America Corporation $BAC

Cardinal Point Capital Management ULC lifted its position in Bank of America Corporation (NYSE:BAC) by 22.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 25,285 shares of the financial services provider’s stock after purchasing an additional 4,644 shares during the period. Cardinal Point Capital Management ULC’s holdings in Bank of America were worth $1,196,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Carnegie Investment Counsel lifted its holdings in Bank of America by 0.9% during the second quarter. Carnegie Investment Counsel now owns 484,766 shares of the financial services provider’s stock worth $22,939,000 after buying an additional 4,300 shares during the period. Warburton Capital Management LLC lifted its holdings in Bank of America by 3.1% during the second quarter. Warburton Capital Management LLC now owns 15,719 shares of the financial services provider’s stock worth $753,000 after buying an additional 469 shares during the period. FSM Wealth Advisors LLC lifted its holdings in Bank of America by 423.7% during the second quarter. FSM Wealth Advisors LLC now owns 29,671 shares of the financial services provider’s stock worth $1,444,000 after buying an additional 24,005 shares during the period. First Citizens Bank & Trust Co. lifted its holdings in Bank of America by 83.2% during the second quarter. First Citizens Bank & Trust Co. now owns 342,788 shares of the financial services provider’s stock worth $16,221,000 after buying an additional 155,662 shares during the period. Finally, Cornerstone Advisory LLC lifted its holdings in Bank of America by 5.1% during the second quarter. Cornerstone Advisory LLC now owns 25,630 shares of the financial services provider’s stock worth $1,213,000 after buying an additional 1,242 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $51.77 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock’s fifty day moving average price is $50.47 and its 200 day moving average price is $46.19. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a market cap of $383.49 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 1.94 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the firm earned $0.81 EPS. As a group, equities research 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 has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Insiders Place Their Bets

In other Bank of America 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 sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on BAC shares. Ameriprise Financial upgraded Bank of America to a “buy” rating in a report on Wednesday. HSBC upped their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. The Goldman Sachs Group upped their price target on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Barclays upped their price target on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, Royal Bank Of Canada upped their price target on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $57.23.

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.