Davis R M Inc. Increases Position in Bank of America Corporation $BAC

Davis R M Inc. lifted its stake in Bank of America Corporation (NYSE:BAC) by 6.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 694,547 shares of the financial services provider’s stock after acquiring an additional 41,315 shares during the period. Davis R M Inc.’s holdings in Bank of America were worth $32,866,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Quaker Wealth Management LLC raised 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 worth $25,000 after purchasing an additional 880 shares in the last quarter. Nova Wealth Management Inc. grew its position in shares of Bank of America by 75.2% in 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 bought a new position in shares of Bank of America during the 2nd quarter worth approximately $28,000. CGC Financial Services LLC lifted its position in 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 valued at $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC acquired a new stake in Bank of America in the second quarter valued at approximately $33,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BAC. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $58.00 price target (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Oppenheimer boosted their price target on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. TD Cowen increased their price objective on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Daiwa Capital Markets boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Stock Down 0.1%

NYSE:BAC opened at $53.22 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company’s fifty day moving average price is $51.33 and its 200-day moving average price is $47.63. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.99. The firm has a market capitalization of $388.62 billion, a P/E ratio of 14.50, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted 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. The company had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.81 earnings per share. As a group, equities research 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 authorized a stock repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

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 paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

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.