Bank of America Corporation $BAC Shares Purchased by Lion Street Advisors LLC

Lion Street Advisors LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,691 shares of the financial services provider’s stock after purchasing an additional 343 shares during the quarter. Lion Street Advisors LLC’s holdings in Bank of America were worth $837,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of BAC. Brighton Jones LLC grew its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. GAMMA Investing LLC grew its stake in Bank of America by 8.2% during the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after purchasing an additional 8,435 shares in the last quarter. Elevation Point Wealth Partners LLC grew its stake in Bank of America by 35.2% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,181 shares of the financial services provider’s stock valued at $216,000 after purchasing an additional 1,348 shares in the last quarter. CVA Family Office LLC grew its position in shares of Bank of America by 21.1% in the 1st quarter. CVA Family Office LLC now owns 8,932 shares of the financial services provider’s stock worth $373,000 after acquiring an additional 1,557 shares in the last quarter. Finally, Cliftonlarsonallen Wealth Advisors LLC increased its holdings in shares of Bank of America by 17.3% in the 1st quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 37,567 shares of the financial services provider’s stock valued at $1,568,000 after acquiring an additional 5,528 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 2.4%

NYSE:BAC opened at $48.62 on Monday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The firm has a market capitalization of $360.12 billion, a P/E ratio of 14.22, a P/E/G ratio of 1.89 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The business has a 50 day simple moving average of $49.61 and a 200 day simple moving average of $45.54.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a share buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently declared 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 a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. Bank of America’s payout ratio is presently 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BAC shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a report on Wednesday, October 8th. HSBC boosted their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Saturday. Citigroup boosted their price target on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $54.64.

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.