Bank of America Corporation $BAC Shares Bought by Signaturefd LLC

Key Points

• Signaturefd LLC increased its holdings in Bank of America by 21.6% during the second quarter, owning 200,282 shares valued at approximately $9.48 million.
• Bank of America recently declared a quarterly dividend of $0.28 per share, up from the previous $0.26, which represents a 2.1% dividend yield.
• Analyst ratings are generally positive, with multiple firms raising their price targets, indicating a consensus of a "Moderate Buy" for the stock.

Signaturefd LLC increased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 21.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 200,282 shares of the financial services provider's stock after purchasing an additional 35,511 shares during the quarter. Signaturefd LLC's holdings in Bank of America were worth $9,477,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Wealth Advisory Solutions LLC grew its position in shares of Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider's stock valued at $243,000 after purchasing an additional 214 shares in the last quarter. Centurion Wealth Management LLC boosted its position in shares of Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider's stock worth $467,000 after buying an additional 225 shares during the period. Nova Wealth Management Inc. boosted its position in shares of 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 buying an additional 227 shares during the period. Cape Investment Advisory Inc. boosted its position in shares of Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider's stock worth $524,000 after buying an additional 238 shares during the period. Finally, Rainier Family Wealth Inc. raised its stake in shares of Bank of America by 3.9% in the second quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider's stock valued at $303,000 after acquiring an additional 239 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Up 0.7%

BAC opened at $52.21 on Friday. The business's 50-day simple moving average is $49.07 and its 200-day simple moving average is $44.90. 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 Corporation has a one year low of $33.06 and a one year high of $52.88. The stock has a market capitalization of $386.72 billion, a P/E ratio of 15.27, a price-to-earnings-growth ratio of 2.01 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 EPS. Analysts anticipate 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 paid a dividend of $0.28 per share. This is a positive change 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 dividend yield of 2.1%. Bank of America's dividend payout ratio is presently 32.75%.

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

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. The Goldman Sachs Group increased their price objective on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Truist Financial raised their price target on Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday. Citigroup raised their price target on Bank of America from $54.00 to $58.00 and gave the company a "buy" rating in a research note on Friday, September 19th. Morgan Stanley raised their price target on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. Finally, Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $50.92.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.

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