3Chopt Investment Partners LLC Has $2.42 Million Stock Holdings in Bank of America Corporation $BAC

3Chopt Investment Partners LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.3% during the second quarter, HoldingsChannel reports. The firm owned 51,069 shares of the financial services provider’s stock after acquiring an additional 675 shares during the quarter. 3Chopt Investment Partners LLC’s holdings in Bank of America were worth $2,417,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 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 valued at $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC acquired a new stake in Bank of America in the 2nd quarter valued at about $28,000. Cloud Capital Management LLC acquired a new stake in Bank of America in the 1st quarter valued at about $40,000. HighMark Wealth Management LLC lifted its stake in Bank of America by 233.6% in the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 743 shares during the last quarter. Finally, Marshall & Sullivan Inc. WA bought a new stake in Bank of America in the second quarter valued at approximately $54,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. Royal Bank Of Canada upped their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. HSBC lifted 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 report on Thursday, October 2nd. Truist Financial raised their target price on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.11.

Bank of America Price Performance

Shares of NYSE BAC opened at $49.71 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The stock has a market capitalization of $368.20 billion, a PE ratio of 14.54, a P/E/G ratio of 1.93 and a beta of 1.33. The business has a fifty day moving average price of $49.55 and a two-hundred day moving average price of $45.46.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the prior year, the company posted $0.83 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

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.