Lodestone Wealth Management LLC Has $3.98 Million Position in Bank of America Corporation $BAC

Lodestone Wealth Management LLC grew its position in Bank of America Corporation (NYSE:BAC) by 43.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,008 shares of the financial services provider’s stock after buying an additional 25,571 shares during the quarter. Bank of America accounts for about 1.9% of Lodestone Wealth Management LLC’s portfolio, making the stock its 10th largest holding. Lodestone Wealth Management LLC’s holdings in Bank of America were worth $3,975,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Wealth Advisory Solutions LLC increased its stake in shares of Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the last quarter. Ballast Advisors LLC grew its position in Bank of America by 4.1% in the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after acquiring an additional 218 shares during 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 lifted its holdings in shares of Bank of America by 2.3% in 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 during the last quarter. Finally, Nova Wealth Management Inc. boosted its stake 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 valued at $25,000 after purchasing an additional 227 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on BAC shares. Evercore ISI boosted their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Deutsche Bank Aktiengesellschaft upped their target price on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. HSBC boosted their price target on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Finally, TD Cowen raised their price target on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Stock Up 0.8%

Shares of NYSE BAC opened at $52.04 on Thursday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $54.69. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company’s 50 day moving average price is $51.73 and its 200-day moving average price is $48.29. The company has a market capitalization of $379.99 billion, a P/E ratio of 14.18, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its 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. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. Bank of America’s revenue for the quarter was up 10.8% on a year-over-year basis. Equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.