Callahan Advisors LLC Takes Position in Bank of America Corporation $BAC

Callahan Advisors LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,287 shares of the financial services provider’s stock, valued at approximately $203,000.

Several other large investors also recently modified their holdings of BAC. Nova Wealth Management Inc. lifted its position in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America during the second quarter worth about $28,000. CGC Financial Services LLC lifted its position in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Acima Private Wealth LLC bought a new position in shares of Bank of America during the second quarter worth about $33,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America during the first quarter worth about $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BAC shares. The Goldman Sachs Group increased their price target on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. Citigroup increased their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday. HSBC increased their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Finally, Barclays increased their price objective on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday. Twenty-one 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 currently has an average rating of “Moderate Buy” and a consensus target price of $56.18.

Bank of America Price Performance

Shares of NYSE:BAC opened at $50.38 on Friday. The firm’s 50 day moving average is $50.00 and its two-hundred day moving average is $45.73. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The firm has a market capitalization of $373.16 billion, a P/E ratio of 13.73, a PEG ratio of 2.01 and a beta of 1.33. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter last year, the business earned $0.81 earnings per share. Bank of America’s revenue was up 10.8% compared to the same quarter last year. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has approved a share buyback plan 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 plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company 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. The ex-dividend date was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is 32.75%.

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.