Bank of America Corporation (NYSE:BAC) Stock Position Raised by Savvy Advisors Inc.

Key Points

• Savvy Advisors Inc. increased its position in Bank of America shares by 114.0% in Q1, owning 31,661 shares valued at approximately $1.32 million.
• Bank of America reported an EPS of $0.89 for the last quarter, surpassing expectations and showed a year-over-year revenue increase of 4.3%.
• The company announced a new $40 billion stock repurchase plan as well as an increase in its quarterly dividend from $0.26 to $0.28.

Savvy Advisors Inc. raised its position in shares of Bank of America Corporation (NYSE:BAC) by 114.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,661 shares of the financial services provider's stock after purchasing an additional 16,863 shares during the period. Savvy Advisors Inc.'s holdings in Bank of America were worth $1,321,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vega Investment Solutions acquired a new position in shares of Bank of America during the 4th quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America during the 4th quarter valued at about $31,000. Spurstone Advisory Services LLC acquired a new position in shares of Bank of America during the 4th quarter valued at about $34,000. Glass Jacobson Investment Advisors llc increased its holdings in shares of Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 276 shares during the last quarter. Finally, Wood Tarver Financial Group LLC acquired a new position in shares of Bank of America during the 4th quarter valued at about $38,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Bank of America stock opened at $46.03 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a market capitalization of $340.94 billion, a PE ratio of 13.46, a price-to-earnings-growth ratio of 1.74 and a beta of 1.31. Bank of America Corporation has a one year low of $33.06 and a one year high of $49.31. The business has a 50 day simple moving average of $46.43 and a 200 day simple moving average of $43.77.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. Bank of America's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $0.83 EPS. On average, sell-side analysts forecast 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 initiated 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 buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is presently 30.41%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction 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 completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of analyst reports. Cowen initiated coverage on Bank of America in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Keefe, Bruyette & Woods lowered their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Truist Financial raised their target price on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Finally, TD Cowen initiated coverage on Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.13.

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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