Allen Mooney & Barnes Investment Advisors LLC Boosts Holdings in Bank of America Corporation $BAC

Allen Mooney & Barnes Investment Advisors LLC lifted its stake in Bank of America Corporation (NYSE:BAC) by 4.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 16,419 shares of the financial services provider’s stock after buying an additional 727 shares during the quarter. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Bank of America were worth $777,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Nova Wealth Management Inc. increased its stake in Bank of America by 75.2% during 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. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter valued at about $30,000. Spurstone Advisory Services LLC bought a new stake in Bank of America during the 4th quarter valued at about $34,000. Wood Tarver Financial Group LLC bought a new stake in Bank of America during the 4th quarter valued at about $38,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Bank of America during the 4th quarter valued at about $40,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE BAC opened at $50.60 on Monday. The firm’s 50-day moving average price is $48.13 and its 200-day moving average price is $44.28. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a market cap of $374.79 billion, a PE ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.34. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $50.96.

Bank of America (NYSE:BAC) last posted 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. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.83 earnings per share. As a group, 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 disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s payout ratio is 32.75%.

Bank of America declared that its board has initiated a share repurchase program 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 buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BAC. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday. Robert W. Baird restated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Citigroup raised their price objective on shares of Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, June 26th. Finally, HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and raised their price target for the company from $47.00 to $51.00 in a report on Monday, July 7th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.39.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

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.