Whipplewood Advisors LLC Acquires 1,212 Shares of Bank of America Corporation $BAC

Whipplewood Advisors LLC grew its position in shares of Bank of America Corporation (NYSE:BAC) by 1,027.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,330 shares of the financial services provider’s stock after purchasing an additional 1,212 shares during the quarter. Whipplewood Advisors LLC’s holdings in Bank of America were worth $63,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Boston Common Asset Management LLC boosted its stake in shares of Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after purchasing an additional 24,740 shares in the last quarter. Disciplined Investments LLC acquired a new stake in shares of Bank of America during the second quarter valued at about $217,000. Nicholas Hoffman & Company LLC. boosted its stake in shares of Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC boosted its stake in shares of Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC acquired a new stake in shares of Bank of America during the second quarter valued at about $287,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on BAC shares. Daiwa Capital Markets lifted their price objective on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Ameriprise Financial raised Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Finally, TD Cowen lifted their price objective on Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.32.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on 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 completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Shares of BAC opened at $52.98 on Tuesday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.07. 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 business’s 50 day moving average price is $50.68 and its two-hundred day moving average price is $46.56. The firm has a market cap of $392.43 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33.

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

Bank of America Announces Dividend

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

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is 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.