C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys 936 Shares of Bank of America Corporation $BAC

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,786 shares of the financial services provider’s stock after purchasing an additional 936 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Bank of America were worth $652,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Boston Common Asset Management LLC raised its stake in Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after purchasing an additional 24,740 shares in the last quarter. Disciplined Investments LLC acquired a new position in Bank of America in the second quarter valued at about $217,000. Nicholas Hoffman & Company LLC. raised its stake in Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC raised its stake in Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC acquired a new position in Bank of America in the second quarter valued at about $287,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on BAC. Seaport Global Securities boosted their price target on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Morgan Stanley raised their price objective on Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Ameriprise Financial raised Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Wolfe Research raised their price objective on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Finally, Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $57.59.

Bank of America Price Performance

Bank of America stock opened at $53.55 on Monday. The stock’s 50 day moving average is $51.03 and its 200 day moving average is $47.09. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market cap of $396.63 billion, a P/E ratio of 14.59, a P/E/G 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 $53.64.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. As a group, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current 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 issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.