Bank of America Corporation $BAC Shares Purchased by Homestead Advisers Corp

Homestead Advisers Corp grew its stake in Bank of America Corporation (NYSE:BAC) by 0.3% in the second quarter, Holdings Channel reports. The fund owned 1,781,135 shares of the financial services provider’s stock after purchasing an additional 5,400 shares during the period. Bank of America accounts for about 2.0% of Homestead Advisers Corp’s portfolio, making the stock its 20th largest holding. Homestead Advisers Corp’s holdings in Bank of America were worth $84,283,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nova Wealth Management Inc. grew its position 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 worth $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC lifted its stake in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new position in shares of Bank of America during the 2nd quarter worth $28,000. CGC Financial Services LLC increased its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC acquired a new position in Bank of America in the second quarter valued at about $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. TD Cowen increased their target price on Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. HSBC increased their price target 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. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Daiwa Capital Markets lifted their price objective on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, Truist Financial boosted their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.59.

Bank of America Price Performance

Shares of NYSE BAC opened at $53.56 on Wednesday. The company’s fifty day moving average is $51.18 and its two-hundred day moving average is $47.31. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $396.68 billion, a P/E ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a one year low of $33.06 and a one year high of $54.00.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Bank of America declared that its board has approved a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase 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.

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.