6,400 Shares in Bank of America Corporation $BAC Acquired by Pinnacle Wealth Management Group Inc.

Key Points

• Pinnacle Wealth Management Group Inc. acquired 6,400 shares of Bank of America Corporation valued at approximately $303,000 in the second quarter.
• Bank of America reported a quarterly earnings per share (EPS) of $1.06, exceeding analysts' estimates and showing a 10.8% year-over-year revenue growth.
• The company's board has authorized a $40 billion share buyback plan to potentially enhance shareholder value, indicating management's belief that the stock is undervalued.

Pinnacle Wealth Management Group Inc. acquired a new stake in Bank of America Corporation (NYSE:BAC - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,400 shares of the financial services provider's stock, valued at approximately $303,000.

A number of other hedge funds also recently made changes to their positions in BAC. Brighton Jones LLC lifted its holdings in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Bank of America by 8.2% in the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider's stock worth $4,654,000 after acquiring an additional 8,435 shares in the last quarter. Pure Financial Advisors LLC lifted its stake in shares of Bank of America by 9.1% in the first quarter. Pure Financial Advisors LLC now owns 34,287 shares of the financial services provider's stock worth $1,431,000 after acquiring an additional 2,858 shares in the last quarter. HighMark Wealth Management LLC boosted its holdings in 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 purchasing an additional 743 shares during the last quarter. Finally, Perpetual Ltd grew its stake in Bank of America by 238.4% during the 1st quarter. Perpetual Ltd now owns 549,015 shares of the financial services provider's stock valued at $22,910,000 after purchasing an additional 386,800 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 1.3%

Shares of Bank of America stock opened at $52.44 on Friday. The stock has a market capitalization of $388.38 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The business's 50 day simple moving average is $50.58 and its 200-day simple moving average is $46.31.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping 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 firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the business earned $0.81 EPS. The firm's revenue was up 10.8% on a year-over-year basis. Equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America's dividend payout ratio (DPR) is 30.52%.

Bank of America announced that its board has authorized a share buyback 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 reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upped their target price 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. Argus upped their price target on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Erste Group Bank upgraded shares of Bank of America from a "hold" rating to a "buy" rating in a research note on Friday, October 3rd. Wolfe Research boosted their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 7th. Finally, Truist Financial upped their target price on shares of Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $57.23.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction dated 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 of the company's stock, 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 SEC, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

Bank of America 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.

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