Krilogy Financial LLC Grows Stock Holdings in Bank of America Corporation $BAC

Krilogy Financial LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 2.9% during the second quarter, HoldingsChannel reports. The firm owned 41,129 shares of the financial services provider’s stock after purchasing an additional 1,147 shares during the period. Krilogy Financial LLC’s holdings in Bank of America were worth $1,946,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Vega Investment Solutions purchased a new position in Bank of America in the 4th quarter worth approximately $30,000. Spurstone Advisory Services LLC purchased a new position in Bank of America in the 4th quarter worth approximately $34,000. Wood Tarver Financial Group LLC purchased a new position in Bank of America in the 4th quarter worth approximately $38,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Bank of America in the 4th quarter worth approximately $40,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $50.60 on Tuesday. The company’s 50-day moving average price is $48.17 and its 200-day moving average price is $44.31. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company has a market cap of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.34. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $51.09.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 earnings per share. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a share buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is currently 32.75%.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on BAC. Truist Financial lifted their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and boosted their price objective for the company from $47.00 to $51.00 in a research report on Monday, July 7th. Robert W. Baird reissued a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Finally, Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.39.

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.