Bank of America Corporation $BAC Stock Holdings Lifted by Semus Wealth Partners LLC

Semus Wealth Partners LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 8.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,123 shares of the financial services provider’s stock after acquiring an additional 979 shares during the quarter. Semus Wealth Partners LLC’s holdings in Bank of America were worth $574,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC increased its position in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the period. Northern Financial Advisors Inc grew its position in shares of Bank of America by 1.8% during the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider’s stock worth $600,000 after acquiring an additional 252 shares during the last quarter. Blue Bell Private Wealth Management LLC grew its position in shares of Bank of America by 9.5% during the first quarter. Blue Bell Private Wealth Management LLC now owns 5,303 shares of the financial services provider’s stock worth $221,000 after acquiring an additional 458 shares during the last quarter. Wealth Alliance LLC increased its holdings in shares of Bank of America by 24.3% in the 1st quarter. Wealth Alliance LLC now owns 31,832 shares of the financial services provider’s stock worth $1,328,000 after acquiring an additional 6,218 shares during the period. Finally, Summit Wealth & Retirement Planning Inc. boosted its stake in Bank of America by 16.0% during the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 16,494 shares of the financial services provider’s stock valued at $688,000 after purchasing an additional 2,276 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 2.1%

Bank of America stock opened at $51.49 on Tuesday. The firm has a market cap of $376.01 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The firm’s 50 day moving average price is $51.67 and its two-hundred day moving average price is $48.19. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 EPS. On average, research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has initiated a stock buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The business 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 is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of analyst reports. Robert W. Baird boosted their price target on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. TD Cowen boosted their price target on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Finally, Wolfe Research increased their price target on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.86.

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.