Panoramic Capital Partners LLC Acquires Shares of 4,414 Bank of America Corporation $BAC

Panoramic Capital Partners LLC purchased a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,414 shares of the financial services provider’s stock, valued at approximately $216,000.

A number of other hedge funds have also added to or reduced their stakes in BAC. Nicholas Hoffman & Company LLC. lifted its holdings in shares of Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Prosperity Wealth Management Inc. purchased a new stake in Bank of America in the 1st quarter valued at $998,000. Alpha Cubed Investments LLC lifted its stake in Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after acquiring an additional 17,619 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Bank of America by 170.5% during the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock valued at $9,951,000 after acquiring an additional 150,299 shares in the last quarter. Finally, Commerce Bank grew its stake in shares of Bank of America by 2.3% in the 1st quarter. Commerce Bank now owns 1,124,755 shares of the financial services provider’s stock worth $46,936,000 after acquiring an additional 25,618 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 1.6%

Shares of BAC opened at $51.58 on Wednesday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The business has a 50-day moving average of $49.24 and a 200 day moving average of $45.09. The firm has a market cap of $382.05 billion, a P/E ratio of 15.08, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The business 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%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 earnings per share. As a group, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s payout ratio is 32.75%.

Insiders Place Their Bets

In other Bank of America 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 sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on BAC shares. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Wells Fargo & Company boosted 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. Morgan Stanley increased their price target on Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Evercore ISI lifted their price target on Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $52.63.

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.