Capstone Financial Advisors Inc. Invests $215,000 in Bank of America Corporation $BAC

Capstone Financial Advisors Inc. bought a new position in Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 4,547 shares of the financial services provider’s stock, valued at approximately $215,000.

Several other large investors have also added to or reduced their stakes in BAC. Nova Wealth Management Inc. lifted its holdings in shares of 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 purchasing an additional 227 shares in the last quarter. Quaker Wealth Management LLC raised its position in 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 buying an additional 880 shares during the last quarter. RMG Wealth Management LLC bought a new position in Bank of America during the 2nd quarter valued at $28,000. CGC Financial Services LLC boosted its holdings in 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 acquiring an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter worth $33,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Phillip Securities raised their price target on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. UBS Group lifted their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. The Goldman Sachs Group decreased their price target on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Finally, Wolfe Research boosted their price objective on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Price Performance

Bank of America stock opened at $52.92 on Friday. The business’s 50 day simple moving average is $51.57 and its 200 day simple moving average is $47.90. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.69. The company has a market cap of $386.45 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 1.99 and a beta of 1.34. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (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 business had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the business posted $0.81 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

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

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management 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.