Bank of America Corporation $BAC Shares Purchased by Wealthcare Advisory Partners LLC

Wealthcare Advisory Partners LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 10.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 68,073 shares of the financial services provider's stock after acquiring an additional 6,371 shares during the quarter. Wealthcare Advisory Partners LLC's holdings in Bank of America were worth $3,221,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Deutsche Bank AG increased its holdings in Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock valued at $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Unisphere Establishment grew its position in shares of Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider's stock valued at $175,057,000 after acquiring an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at about $164,623,000. Maverick Capital Ltd. acquired a new position in Bank of America in the 1st quarter worth about $152,098,000. Finally, AMF Tjanstepension AB raised its holdings in Bank of America by 62.9% in the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider's stock worth $421,564,000 after purchasing an additional 3,438,876 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Bank of America stock opened at $50.63 on Monday. The company has a fifty day simple moving average of $49.37 and a 200-day simple moving average of $45.30. The firm has a market capitalization of $374.98 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America's quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.83 earnings per share. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The business also recently declared 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. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America's payout ratio is 32.75%.

Insider Buying and Selling

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 stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on BAC shares. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Oppenheimer dropped their price target on shares of Bank of America from $57.00 to $56.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 23rd. Morgan Stanley boosted their price target on shares of Bank of America from $50.00 to $66.00 and gave the stock an "overweight" rating in a report on Monday, September 29th. Erste Group Bank raised shares of Bank of America from a "hold" rating to a "buy" rating in a report on Friday. Finally, Wells Fargo & Company boosted their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Nineteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $53.38.

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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