NorthRock Partners LLC Boosts Stock Position in Bank of America Corporation $BAC

NorthRock Partners LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 11.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 112,003 shares of the financial services provider’s stock after buying an additional 11,403 shares during the quarter. NorthRock Partners LLC’s holdings in Bank of America were worth $5,300,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC grew its stake in Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after purchasing an additional 24,740 shares during the last quarter. Nicholas Hoffman & Company LLC. grew its stake in shares of Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC grew its stake in shares of Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 439 shares during the last quarter. Prosperity Wealth Management Inc. purchased a new stake in shares of Bank of America during the first quarter worth about $998,000. Finally, Alpha Cubed Investments LLC grew its stake in shares of Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after acquiring an additional 17,619 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’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 of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Morgan Stanley boosted their price target on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Wolfe Research boosted their price target on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, Evercore ISI lifted their target price on Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.64.

Bank of America Trading Down 2.4%

Bank of America stock opened at $48.62 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a market capitalization of $360.12 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. The stock has a 50-day moving average price of $49.61 and a 200 day moving average price of $45.54.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company 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 previous year, the company posted $0.83 earnings per share. Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a share buyback 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 purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. Bank of America’s dividend payout ratio is presently 32.75%.

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.