Burk Holdings LLC Acquires Shares of 4,999 Bank of America Corporation $BAC

Burk Holdings LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,999 shares of the financial services provider’s stock, valued at approximately $237,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Jaffetilchin Investment Partners LLC lifted its holdings in shares of Bank of America by 21.3% in the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 87,063 shares of the financial services provider’s stock worth $4,120,000 after acquiring an additional 15,291 shares during the last quarter. Quadcap Wealth Management LLC raised its position in Bank of America by 0.6% in the 2nd quarter. Quadcap Wealth Management LLC now owns 55,256 shares of the financial services provider’s stock worth $2,615,000 after purchasing an additional 342 shares during the period. CreativeOne Wealth LLC lifted its stake in Bank of America by 0.8% in the second quarter. CreativeOne Wealth LLC now owns 83,039 shares of the financial services provider’s stock worth $3,929,000 after purchasing an additional 626 shares during the last quarter. Horizon Kinetics Asset Management LLC boosted its position in shares of Bank of America by 3.8% during the second quarter. Horizon Kinetics Asset Management LLC now owns 50,833 shares of the financial services provider’s stock valued at $2,405,000 after buying an additional 1,883 shares during the period. Finally, Maripau Wealth Management LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $244,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on BAC shares. JPMorgan Chase & Co. raised their price target on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Evercore ISI lifted their target price on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Phillip Securities upped their price target on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. HSBC lifted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Finally, Daiwa Capital Markets boosted their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Stock Performance

BAC stock opened at $51.54 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.69. The business has a 50-day moving average price of $51.76 and a 200 day moving average price of $48.48. The company has a market capitalization of $376.37 billion, a P/E ratio of 14.04, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio is currently 30.52%.

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.