BLB&B Advisors LLC Has $816,000 Stake in Bank of America Corporation $BAC

BLB&B Advisors LLC reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 24.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,244 shares of the financial services provider’s stock after selling 5,690 shares during the period. BLB&B Advisors LLC’s holdings in Bank of America were worth $816,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of BAC. Brighton Jones LLC grew its holdings in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares during the period. Golden State Wealth Management LLC grew its holdings in Bank of America by 7.8% during the 1st quarter. Golden State Wealth Management LLC now owns 24,276 shares of the financial services provider’s stock worth $1,013,000 after acquiring an additional 1,765 shares during the period. Vontobel Holding Ltd. grew its holdings in Bank of America by 11.3% during the 1st quarter. Vontobel Holding Ltd. now owns 251,933 shares of the financial services provider’s stock worth $10,513,000 after acquiring an additional 25,549 shares during the period. Clear Creek Financial Management LLC grew its holdings in Bank of America by 66.8% during the 1st quarter. Clear Creek Financial Management LLC now owns 8,715 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 3,489 shares during the period. Finally, DAVENPORT & Co LLC grew its holdings in Bank of America by 3.1% during the 1st quarter. DAVENPORT & Co LLC now owns 392,543 shares of the financial services provider’s stock worth $16,381,000 after acquiring an additional 11,804 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on BAC. Barclays increased their price target on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Piper Sandler raised their target price on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $58.00 target price (up from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Seaport Global Securities raised their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Finally, Robert W. Baird raised their target price on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.45.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.98 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.44. The stock has a market cap of $392.40 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.33. 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 firm’s 50-day simple moving average is $50.95 and its 200 day simple moving average is $46.84.

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, 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 for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the firm earned $0.81 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors 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 yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 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.