HFG Advisors Inc. Invests $247,000 in Bank of America Corporation $BAC

HFG Advisors Inc. acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,213 shares of the financial services provider’s stock, valued at approximately $247,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Cassaday & Co Wealth Management LLC boosted its position in shares of Bank of America by 1.8% during the second quarter. Cassaday & Co Wealth Management LLC now owns 28,291 shares of the financial services provider’s stock worth $1,339,000 after buying an additional 501 shares during the period. NewSquare Capital LLC lifted its stake in Bank of America by 72.3% during the 2nd quarter. NewSquare Capital LLC now owns 4,489 shares of the financial services provider’s stock worth $212,000 after acquiring an additional 1,884 shares in the last quarter. Elyxium Wealth LLC boosted its holdings in Bank of America by 9.1% during the 2nd quarter. Elyxium Wealth LLC now owns 16,904 shares of the financial services provider’s stock valued at $800,000 after acquiring an additional 1,416 shares during the period. Prosperity Consulting Group LLC grew its position in Bank of America by 5.1% in the 2nd quarter. Prosperity Consulting Group LLC now owns 63,749 shares of the financial services provider’s stock valued at $3,017,000 after acquiring an additional 3,103 shares in the last quarter. Finally, Transatlantique Private Wealth LLC increased its stake in Bank of America by 9.9% during the second quarter. Transatlantique Private Wealth LLC now owns 38,055 shares of the financial services provider’s stock worth $1,801,000 after purchasing an additional 3,431 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $53.56 on Wednesday. The company has a market cap of $396.68 billion, a P/E ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. The firm has a fifty day moving average price of $51.18 and a 200 day moving average price of $47.31. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.00.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the firm earned $0.81 earnings per share. Sell-side analysts predict 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 initiated a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is 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 issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a 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%.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Barclays raised their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Phillip Securities upped their price objective on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Finally, Piper Sandler lifted their target price on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Company Profile

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.