Bank of America Corporation $BAC Shares Bought by Orion Porfolio Solutions LLC

Orion Porfolio Solutions LLC raised its position in Bank of America Corporation (NYSE:BAC) by 19.9% during the second quarter, HoldingsChannel reports. The firm owned 317,627 shares of the financial services provider’s stock after buying an additional 52,823 shares during the quarter. Orion Porfolio Solutions LLC’s holdings in Bank of America were worth $15,030,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BAC. Quaker Wealth Management LLC increased its holdings in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the last quarter. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the 2nd quarter worth about $28,000. CGC Financial Services LLC increased its holdings in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Wealth Preservation Advisors LLC raised its position in shares of Bank of America by 48.7% during the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 223 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.1%

NYSE BAC opened at $55.14 on Friday. The firm’s fifty day moving average is $52.39 and its two-hundred day moving average is $49.49. Bank of America Corporation has a one year low of $33.06 and a one year high of $55.30. 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 has a market cap of $402.66 billion, a PE ratio of 15.02 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $0.81 earnings per share. Analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America’s payout ratio is presently 30.52%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Daiwa Capital Markets upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, Evercore ISI raised their price objective on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.86.

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.