Brighton Jones LLC Has $5.42 Million Position in Bank of America Corporation $BAC

Brighton Jones LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 6.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 114,492 shares of the financial services provider’s stock after purchasing an additional 6,585 shares during the quarter. Brighton Jones LLC’s holdings in Bank of America were worth $5,418,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Wealth Advisory Solutions LLC raised its stake in Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares in the last quarter. Cyndeo Wealth Partners LLC raised its stake in Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after acquiring an additional 221 shares in the last quarter. Centurion Wealth Management LLC raised its stake in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 225 shares in the last quarter. Nova Wealth Management Inc. raised its stake in 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 acquiring an additional 227 shares in the last quarter. Finally, Cape Investment Advisory Inc. raised its stake in Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after acquiring an additional 238 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Bank of America stock opened at $52.44 on Friday. The business’s 50-day simple moving average is $50.58 and its 200 day simple moving average is $46.39. The stock has a market cap of $388.38 billion, a price-to-earnings ratio of 14.29, a P/E/G ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.81 earnings per share. As a group, research 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 of Directors has initiated a share buyback program 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 programs are typically an indication that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Insider Transactions 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 dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. The Goldman Sachs Group increased their target price on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Ameriprise Financial upgraded Bank of America to a “buy” rating in a report on Wednesday. Argus increased their target price on Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Finally, UBS Group increased their target price on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $57.23.

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.