Hibernia Wealth Partners LLC Takes Position in Bank of America Corporation $BAC

Hibernia Wealth Partners LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,548 shares of the financial services provider’s stock, valued at approximately $215,000.

Several other large investors also recently modified their holdings of BAC. Intrua Financial LLC lifted its position in shares of Bank of America by 19.7% during the 2nd quarter. Intrua Financial LLC now owns 14,526 shares of the financial services provider’s stock worth $687,000 after buying an additional 2,386 shares during the period. Clearstead Trust LLC grew its stake in Bank of America by 27.7% during the second quarter. Clearstead Trust LLC now owns 10,628 shares of the financial services provider’s stock worth $503,000 after buying an additional 2,304 shares during the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC acquired a new stake in Bank of America during the 2nd quarter valued at $202,000. Fiera Capital Corp bought a new position in shares of Bank of America in the second quarter valued at about $442,000. Finally, Capital Investment Counsel Inc raised its stake in shares of Bank of America by 3.1% in the second quarter. Capital Investment Counsel Inc now owns 92,538 shares of the financial services provider’s stock worth $4,379,000 after acquiring an additional 2,786 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. Truist Financial boosted their price objective on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Argus raised their price objective on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Wells Fargo & Company lifted their price target on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Finally, Evercore ISI lifted their target price on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Price Performance

NYSE:BAC opened at $52.92 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $386.45 billion, a price-to-earnings ratio of 14.42, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The firm’s 50-day simple moving average is $51.57 and its 200 day simple moving average is $47.90.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share 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. 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 of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Bank of America announced that its Board of Directors has authorized a stock repurchase 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 purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.