4,773 Shares in Bank of America Corporation $BAC Bought by Hill Island Financial LLC

Hill Island Financial LLC bought a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 4,773 shares of the financial services provider’s stock, valued at approximately $226,000.

A number of other institutional investors have also modified their holdings of BAC. Brighton Jones LLC raised its holdings in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Signal Advisors Wealth LLC lifted its holdings in shares of Bank of America by 7.7% in the first quarter. Signal Advisors Wealth LLC now owns 36,521 shares of the financial services provider’s stock valued at $1,524,000 after buying an additional 2,613 shares during the period. Stablepoint Partners LLC boosted its stake in Bank of America by 13.5% during the first quarter. Stablepoint Partners LLC now owns 9,120 shares of the financial services provider’s stock valued at $381,000 after buying an additional 1,087 shares in the last quarter. Sard Wealth Management Group LLC grew its holdings in Bank of America by 10.4% during the first quarter. Sard Wealth Management Group LLC now owns 5,633 shares of the financial services provider’s stock worth $235,000 after acquiring an additional 530 shares during the period. Finally, Udine Wealth Management Inc. raised its position in Bank of America by 6.5% in the first quarter. Udine Wealth Management Inc. now owns 217,833 shares of the financial services provider’s stock worth $9,090,000 after acquiring an additional 13,286 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on BAC shares. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday. HSBC raised 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 note on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a research report on Saturday, September 27th. Finally, Truist Financial upped their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Nineteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.38.

Bank of America Price Performance

NYSE BAC opened at $50.63 on Friday. The stock has a 50-day simple moving average of $49.37 and a 200 day simple moving average of $45.28. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The stock has a market capitalization of $374.98 billion, a PE ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $0.83 earnings per share. Research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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

Insider Activity

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 shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is owned by corporate insiders.

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.