Bank of America Corporation $BAC Shares Purchased by Capital Asset Advisory Services LLC

Key Points

• Capital Asset Advisory Services LLC increased its stake in Bank of America by 11% in the first quarter, buying 11,342 additional shares and bringing its total holdings to 114,431 shares worth about $6.17 million.
• Bank of America reported better-than-expected first-quarter earnings, posting $1.11 EPS on $30.27 billion in revenue, both above analyst estimates, with revenue up 10.7% year over year.
• The company recently paid a quarterly dividend of $0.28 per share, equal to an annualized yield of 1.9%, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $61.60.

Capital Asset Advisory Services LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 11.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,431 shares of the financial services provider's stock after acquiring an additional 11,342 shares during the quarter. Capital Asset Advisory Services LLC's holdings in Bank of America were worth $6,174,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. Sivia Capital Partners LLC increased its stake in Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after buying an additional 6,174 shares during the period. Jump Financial LLC increased its stake in Bank of America by 38.4% during the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after buying an additional 18,227 shares during the period. Nebula Research & Development LLC acquired a new stake in Bank of America during the 2nd quarter worth approximately $1,396,000. Finally, Vivaldi Capital Management LP lifted its holdings in Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock worth $417,000 after buying an additional 355 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC opened at $58.36 on Thursday. The firm has a market capitalization of $414.19 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 0.96 and a beta of 1.17. The firm's fifty day simple moving average is $53.60 and its 200-day simple moving average is $52.75. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $59.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company's revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 earnings per share. Equities analysts forecast that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. Bank of America's dividend payout ratio is presently 27.72%.

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.27% of the company's stock.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analysts turned more constructive on Bank of America ahead of Q2 results, citing strong earnings expectations and raising price targets. Is Bank of America (BAC) the Most Undervalued American Stock to Invest In?
• Positive Sentiment: Bank of America is expected to deliver another solid quarter, with consensus calling for higher profit and revenue on July 14. Bank of America Likely To Report Higher Q2 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Neutral Sentiment: Senate Democrats asked the Fed’s inspector general to review whether a Fed vice chair’s attendance at a private Bank of America client dinner broke rules; this is a reputational headline, but it does not appear to involve the bank’s operations directly. US Senator Warren calls for Fed watchdog review of Bowman's BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was fined $7.5 million by the SEC over suspicious activity report failures, adding a modest regulatory overhang. Bank of America's Merrill Lynch unit fined $7.5M by U.S. SEC

Wall Street Analyst Weigh In

Several research firms have commented on BAC. Truist Financial boosted their price target on shares of Bank of America from $61.00 to $64.00 and gave the stock a "buy" rating in a research note on Friday, June 26th. UBS Group lifted their target price on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. HSBC upped their price target on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Finally, Daiwa Securities Group increased their price target on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $61.60.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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