Maripau Wealth Management LLC Purchases New Position in Bank of America Corporation $BAC

Maripau Wealth Management LLC acquired a new position in Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,148 shares of the financial services provider’s stock, valued at approximately $244,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Picton Mahoney Asset Management lifted its stake in shares of Bank of America by 12.8% in the 2nd quarter. Picton Mahoney Asset Management now owns 661,432 shares of the financial services provider’s stock valued at $31,298,000 after purchasing an additional 74,810 shares during the last quarter. Summit Global Investments raised its holdings in Bank of America by 198.7% during the second quarter. Summit Global Investments now owns 42,258 shares of the financial services provider’s stock valued at $2,000,000 after buying an additional 28,110 shares in the last quarter. Intellus Advisors LLC acquired a new stake in shares of Bank of America in the second quarter worth about $208,000. Prudential Financial Inc. boosted its stake in shares of Bank of America by 3.6% during the 2nd quarter. Prudential Financial Inc. now owns 5,736,510 shares of the financial services provider’s stock worth $271,452,000 after acquiring an additional 198,927 shares in the last quarter. Finally, Coldstream Capital Management Inc. increased its holdings in shares of Bank of America by 13.4% during the 2nd quarter. Coldstream Capital Management Inc. now owns 128,889 shares of the financial services provider’s stock valued at $6,099,000 after acquiring an additional 15,249 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.6%

Shares of BAC stock opened at $51.89 on Tuesday. Bank of America Corporation has a one year low of $33.06 and a one year high of $54.69. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a fifty day moving average price of $51.78 and a 200 day moving average price of $48.56. The stock has a market cap of $378.93 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (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 analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 EPS. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

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. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BAC. Dbs Bank raised Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Wolfe Research boosted their price objective on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Morgan Stanley raised their target price on shares of Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Finally, HSBC lifted their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.77.

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.