Firethorn Wealth Partners LLC Boosts Holdings in Bank of America Corporation $BAC

Firethorn Wealth Partners LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 17,284 shares of the financial services provider’s stock after acquiring an additional 425 shares during the quarter. Firethorn Wealth Partners LLC’s holdings in Bank of America were worth $818,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Brighton Jones LLC lifted its holdings in Bank of America by 30.0% during the fourth 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. Signal Advisors Wealth LLC lifted its holdings in Bank of America by 7.7% during the first quarter. Signal Advisors Wealth LLC now owns 36,521 shares of the financial services provider’s stock valued at $1,524,000 after purchasing an additional 2,613 shares in the last quarter. Stablepoint Partners LLC lifted its holdings in Bank of America by 13.5% during the first quarter. Stablepoint Partners LLC now owns 9,120 shares of the financial services provider’s stock valued at $381,000 after purchasing an additional 1,087 shares in the last quarter. Sard Wealth Management Group LLC lifted its holdings in Bank of America by 10.4% during the first quarter. Sard Wealth Management Group LLC now owns 5,633 shares of the financial services provider’s stock valued at $235,000 after purchasing an additional 530 shares in the last quarter. Finally, Udine Wealth Management Inc. lifted its holdings in Bank of America by 6.5% during the first quarter. Udine Wealth Management Inc. now owns 217,833 shares of the financial services provider’s stock valued at $9,090,000 after purchasing an additional 13,286 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

BAC has been the topic of several research reports. Truist Financial raised their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a research note on Saturday, September 27th. Evercore ISI raised their price target on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Finally, Wells Fargo & Company raised their price target on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Nineteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $53.38.

Bank of America Price Performance

Bank of America stock opened at $50.63 on Friday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The stock has a market cap of $374.98 billion, a P/E ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. The company has a 50-day moving average price of $49.37 and a 200 day moving average price of $45.28. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

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, topping the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period last year, the business earned $0.83 earnings per share. Bank of America’s revenue was up 4.3% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The business 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 32.75%.

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.