Vertrix Wealth Management LLC Buys Shares of 9,099 Bank of America Corporation $BAC

Vertrix Wealth Management LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 1st quarter, HoldingsChannel.com reports. The firm bought 9,099 shares of the financial services provider’s stock, valued at approximately $444,000.

A number of other hedge funds have also made changes to their positions in BAC. DecisionMap Wealth Management LLC raised its holdings in Bank of America by 4.7% in the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock valued at $223,000 after acquiring an additional 182 shares in the last quarter. Money Concepts Capital Corp boosted its stake in Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 182 shares during the last quarter. Holistic Financial Partners grew its holdings in Bank of America by 2.4% during the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock worth $434,000 after acquiring an additional 183 shares in the last quarter. Operose Advisors LLC grew its holdings in Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock worth $1,123,000 after acquiring an additional 185 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. increased its position in shares of Bank of America by 1.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock worth $1,092,000 after purchasing an additional 187 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Key Stories Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analysts turned more constructive on Bank of America ahead of Q2 results, citing strong earnings expectations and raising price targets. Is Bank of America (BAC) the Most Undervalued American Stock to Invest In?
• Positive Sentiment: Bank of America is expected to deliver another solid quarter, with consensus calling for higher profit and revenue on July 14. Bank of America Likely To Report Higher Q2 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Neutral Sentiment: Senate Democrats asked the Fed’s inspector general to review whether a Fed vice chair’s attendance at a private Bank of America client dinner broke rules; this is a reputational headline, but it does not appear to involve the bank’s operations directly. US Senator Warren calls for Fed watchdog review of Bowman’s BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was fined $7.5 million by the SEC over suspicious activity report failures, adding a modest regulatory overhang. Bank of America’s Merrill Lynch unit fined $7.5M by U.S. SEC

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. UBS Group upped their target price on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Truist Financial boosted their price objective on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Friday, June 26th. Robert W. Baird upped their price objective on Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. reduced their target price on Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Finally, Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $61.60.

Bank of America Price Performance

Shares of NYSE BAC opened at $58.36 on Thursday. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $59.19. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The business’s fifty day moving average price is $53.60 and its two-hundred day moving average price is $52.75. The firm has a market capitalization of $414.19 billion, a PE ratio of 14.45, a P/E/G ratio of 0.96 and a beta of 1.18.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business posted $0.90 earnings per share. On average, research analysts expect that Bank of America Corporation will post 4.49 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 1.9%. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.27% of the stock is owned by insiders.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.