Tyche Wealth Partners LLC Grows Stock Position in Bank of America Corporation $BAC

Tyche Wealth Partners LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 5.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,513 shares of the financial services provider’s stock after purchasing an additional 642 shares during the quarter. Tyche Wealth Partners LLC’s holdings in Bank of America were worth $639,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bank of New York Mellon Corp increased its position in shares of Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after purchasing an additional 803,570 shares during the last quarter. Deutsche Bank AG increased its position in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Amundi increased its position in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after purchasing an additional 188,638 shares during the last quarter. Finally, National Pension Service increased its position in shares of Bank of America by 2.4% during the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after purchasing an additional 300,944 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.30% of the stock is owned by insiders.

Bank of America Trading Down 0.6%

BAC stock opened at $50.36 on Tuesday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a market capitalization of $373.01 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.96 and a beta of 1.33. The business has a 50 day simple moving average of $49.42 and a two-hundred day simple moving average of $45.35.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the prior year, the company posted $0.83 EPS. The firm’s revenue for the quarter was up 4.3% 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 declared that its board has authorized a stock buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is currently 32.75%.

Analyst Ratings Changes

Several equities research analysts have recently commented on BAC shares. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday. Truist Financial boosted their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Finally, Wells Fargo & Company boosted their price objective on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Nineteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.38.

Bank of America 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.