Bank of America Corporation $BAC Shares Acquired by First Business Financial Services Inc.

Key Points

• First Business Financial Services Inc. increased its holdings in Bank of America by 8.5% during the second quarter, now owning 71,543 shares valued at approximately $3.4 million.
• Bank of America reported a quarterly earnings per share of $1.06, exceeding analyst expectations of $0.93, alongside a revenue of $28.09 billion.
• The company announced a $0.28 quarterly dividend to be paid on December 26, with a resulting annualized dividend yield of 2.2%.

First Business Financial Services Inc. increased its position in Bank of America Corporation (NYSE:BAC) by 8.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 71,543 shares of the financial services provider's stock after acquiring an additional 5,578 shares during the period. First Business Financial Services Inc.'s holdings in Bank of America were worth $3,385,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Nova Wealth Management Inc. increased its holdings in shares of 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 worth $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth about $28,000. CGC Financial Services LLC increased its holdings in shares of 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 worth $29,000 after acquiring an additional 521 shares during the period. Acima Private Wealth LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth about $33,000. Finally, Cloud Capital Management LLC acquired a new stake in shares of Bank of America in the 1st quarter worth about $40,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Morgan Stanley raised their target price on shares of Bank of America from $66.00 to $67.00 and gave the company an "overweight" rating in a research note on Thursday, October 16th. Weiss Ratings reissued a "buy (b-)" rating on shares of Bank of America in a research note on Wednesday, October 8th. TD Cowen raised their target price on shares of Bank of America from $59.00 to $61.00 and gave the company a "buy" rating in a research note on Thursday, October 16th. Piper Sandler raised their target price on shares of Bank of America from $50.00 to $55.00 and gave the company a "neutral" rating in a research note on Thursday, October 16th. Finally, Erste Group Bank raised shares of Bank of America from a "hold" rating to a "buy" rating in a research note on Friday, October 3rd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $57.23.

Bank of America Stock Performance

NYSE:BAC opened at $51.77 on Friday. 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 company has a 50-day moving average of $50.47 and a 200-day moving average of $46.19. The firm has a market cap of $383.49 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.94 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last posted 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 net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter last year, the firm posted $0.81 EPS. The business's revenue for the quarter was up 10.8% on a year-over-year basis. Analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company 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 $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. 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 declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company's stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

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.

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