Bank of America Corporation $BAC Shares Acquired by Baxter Bros Inc.

Baxter Bros Inc. lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 40,376 shares of the financial services provider’s stock after purchasing an additional 369 shares during the quarter. Baxter Bros Inc.’s holdings in Bank of America were worth $1,911,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in BAC. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% in the second 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 in the last quarter. RMG Wealth Management LLC acquired a new stake in Bank of America in the second quarter valued at approximately $28,000. Cloud Capital Management LLC acquired a new stake in Bank of America in the first quarter valued at approximately $40,000. HighMark Wealth Management LLC raised its holdings in Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 743 shares in the last quarter. Finally, Highline Wealth Partners LLC raised its holdings in Bank of America by 37.1% in the first quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 313 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other 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 transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $49.82 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The firm has a market cap of $369.01 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The company’s 50 day simple moving average is $49.50 and its 200-day simple moving average is $45.42. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88.

Bank of America (NYSE:BAC) last announced its earnings results 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 business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. As a group, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s payout ratio is 32.75%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a report on Wednesday. Evercore ISI raised their target price on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Seaport Global Securities increased their price target on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday. TD Cowen increased their price target on shares of Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Finally, Morgan Stanley increased their price target on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.11.

About Bank of America

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.