Optivise Advisory Services LLC Buys Shares of 4,470 Bank of America Corporation $BAC

Optivise Advisory Services LLC purchased a new position in Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,470 shares of the financial services provider’s stock, valued at approximately $212,000.

A number of other hedge funds have also made changes to their positions in BAC. Quaker Wealth Management LLC boosted its position in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the period. Nova Wealth Management Inc. lifted its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $28,000. CGC Financial Services LLC grew its stake in Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC bought a new position in Bank of America in the 2nd quarter worth $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Robert W. Baird upped their price target on shares of Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Wolfe Research increased their target price on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. TD Cowen raised their target price on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, October 16th. JPMorgan Chase & Co. upped their price target on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Price Performance

Shares of BAC stock opened at $53.56 on Wednesday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.00. The company has a market capitalization of $396.68 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.99 and a beta of 1.33. The stock has a 50 day moving average of $51.18 and a two-hundred day moving average of $47.31. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period in the prior year, the company posted $0.81 earnings per share. Bank of America’s revenue was up 10.8% on a year-over-year basis. As a group, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Bank of America declared that its board has initiated a stock buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership 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.