New Wave Wealth Advisors LLC Makes New Investment in Bank of America Corporation $BAC

New Wave Wealth Advisors LLC acquired a new position in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 15,931 shares of the financial services provider’s stock, valued at approximately $754,000.

Other institutional investors have also bought and sold shares of the company. Nova Wealth Management Inc. boosted its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Cloud Capital Management LLC purchased a new stake in Bank of America in the 1st quarter valued at about $40,000. Perkins Coie Trust Co lifted its position in shares of Bank of America by 67.8% during the 1st quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock worth $44,000 after buying an additional 423 shares in the last quarter. Cranbrook Wealth Management LLC boosted its stake in shares of Bank of America by 41.2% in the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock worth $44,000 after buying an additional 306 shares during the last quarter. Finally, HighMark Wealth Management LLC grew its holdings in shares of Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 743 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.8%

NYSE:BAC opened at $50.67 on Thursday. The company has a market cap of $375.29 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.00 and a beta of 1.33. The stock’s fifty day moving average price is $49.29 and its two-hundred day moving average price is $45.13. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.83 EPS. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Bank of America declared that its board has approved a share repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BAC. Oppenheimer cut their price objective on Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 23rd. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Wells Fargo & Company lifted their target price on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and increased their price target for the company from $47.00 to $51.00 in a research report on Monday, July 7th. Finally, Royal Bank Of Canada lifted their price objective on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.78.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’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 completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by company insiders.

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.