Savvy Advisors Inc. Acquires 6,848 Shares of Bank of America Corporation $BAC

Savvy Advisors Inc. increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 21.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,509 shares of the financial services provider’s stock after purchasing an additional 6,848 shares during the quarter. Savvy Advisors Inc.’s holdings in Bank of America were worth $1,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Boston Common Asset Management LLC boosted its position in Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares during the last quarter. Disciplined Investments LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $217,000. Nicholas Hoffman & Company LLC. lifted its stake in shares of Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the period. Sunbeam Capital Management LLC boosted its holdings in shares of Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares during the last quarter. Finally, CCG Wealth Management LLC bought a new stake in Bank of America during the second quarter valued at approximately $287,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.8%

BAC stock opened at $52.98 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. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.44. The business has a 50 day simple moving average of $50.95 and a two-hundred day simple moving average of $46.84. The company has a market capitalization of $392.40 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping 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 firm had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the previous year, the firm earned $0.81 earnings per share. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Bank of America announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. TD Cowen increased their price target on shares of Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. JPMorgan Chase & Co. lifted their target price on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Thursday. Finally, Oppenheimer raised their price objective on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.45.

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.