Prudent Man Advisors LLC Has $1.35 Million Stake in Bank of America Corporation $BAC

Prudent Man Advisors LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,557 shares of the financial services provider’s stock after selling 392 shares during the quarter. Prudent Man Advisors LLC’s holdings in Bank of America were worth $1,351,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Nova Wealth Management Inc. boosted its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America during the second quarter worth $28,000. CGC Financial Services LLC boosted its holdings in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Acima Private Wealth LLC acquired a new position in Bank of America during the second quarter worth $33,000. Finally, Cloud Capital Management LLC acquired a new position in Bank of America during the first quarter worth $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent research reports. The Goldman Sachs Group increased their target price on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Seaport Global Securities increased their price target on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Argus increased their price target on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Truist Financial increased their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $57.23.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $52.44 on Friday. The stock has a market cap of $388.38 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.99 and a beta of 1.33. The company has a fifty day moving average price of $50.58 and a two-hundred day moving average price of $46.39. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

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

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America declared that its Board of Directors has authorized a stock buyback plan 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 purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.