Linscomb Wealth Inc. Boosts Holdings in Bank of America Corporation $BAC

Linscomb Wealth Inc. raised its position in Bank of America Corporation (NYSE:BAC) by 1.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 309,736 shares of the financial services provider’s stock after purchasing an additional 5,012 shares during the period. Bank of America accounts for 0.7% of Linscomb Wealth Inc.’s investment portfolio, making the stock its 22nd biggest position. Linscomb Wealth Inc.’s holdings in Bank of America were worth $14,657,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of BAC. Nova Wealth Management Inc. boosted 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 valued at $25,000 after purchasing an additional 227 shares during the period. Quaker Wealth Management LLC boosted its holdings 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 purchasing an additional 880 shares during the period. RMG Wealth Management LLC bought a new position in Bank of America in the 2nd quarter valued at $28,000. CGC Financial Services LLC boosted its position in shares of 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 valued at $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 during the 2nd quarter valued at about $33,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. 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 report on Monday. JPMorgan Chase & Co. lifted their price target on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research report on Thursday. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Finally, TD Cowen boosted their target price on Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.45.

Bank of America Stock Performance

Shares of BAC stock opened at $52.98 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. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.44. The stock has a 50 day moving average price of $50.95 and a two-hundred day moving average price of $46.84. The company has a market capitalization of $392.40 billion, a P/E ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. The business’s revenue was up 10.8% on a year-over-year basis. Analysts expect 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 declared 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 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America declared that its Board of Directors has initiated a share repurchase 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

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.