B.O.S.S. Retirement Advisors LLC Acquires Shares of 6,164 Bank of America Corporation $BAC

Key Points

• B.O.S.S. Retirement Advisors LLC acquired 6,164 shares of Bank of America Corporation (NYSE:BAC) in the second quarter, valued at approximately $292,000.
• Several institutional investors have increased their holdings in Bank of America, with Brighton Jones LLC leading with a 30% increase in the fourth quarter.
• Bank of America recently declared a quarterly dividend of $0.28 per share, an increase from its previous dividend of $0.26, and has authorized a $40 billion share repurchase program.

B.O.S.S. Retirement Advisors LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 6,164 shares of the financial services provider's stock, valued at approximately $292,000.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Brighton Jones LLC increased its holdings in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Apella Capital LLC increased its holdings in shares of Bank of America by 10.1% in the 1st quarter. Apella Capital LLC now owns 12,472 shares of the financial services provider's stock worth $520,000 after purchasing an additional 1,139 shares in the last quarter. Sendero Wealth Management LLC increased its holdings in shares of Bank of America by 5.6% in the 1st quarter. Sendero Wealth Management LLC now owns 9,112 shares of the financial services provider's stock worth $380,000 after purchasing an additional 485 shares in the last quarter. Bay Rivers Group increased its holdings in shares of Bank of America by 4.2% in the 1st quarter. Bay Rivers Group now owns 13,816 shares of the financial services provider's stock worth $577,000 after purchasing an additional 560 shares in the last quarter. Finally, HF Advisory Group LLC increased its holdings in shares of Bank of America by 5.4% in the 1st quarter. HF Advisory Group LLC now owns 20,116 shares of the financial services provider's stock worth $839,000 after purchasing an additional 1,023 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. Morgan Stanley lifted their price objective on Bank of America from $50.00 to $66.00 and gave the stock an "overweight" rating in a report on Monday. Truist Financial lifted their price objective on Bank of America from $51.00 to $56.00 and gave the stock a "buy" rating in a report on Tuesday, September 23rd. Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Wells Fargo & Company lifted their price objective on Bank of America from $56.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Finally, The Goldman Sachs Group set a $55.00 price objective on Bank of America in a report on Tuesday. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $52.88.

Bank of America Stock Performance

NYSE:BAC opened at $50.44 on Friday. The stock has a 50-day simple moving average of $49.33 and a two-hundred day simple moving average of $45.19. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market capitalization of $373.57 billion, a PE ratio of 14.75, a P/E/G ratio of 1.97 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last released 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 business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates 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 for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.83 earnings per share. Analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. 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. Bank of America's dividend payout ratio is currently 32.75%.

Bank of America declared that its board has authorized a share repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership 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 the company's stock in a transaction dated 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 of the company's stock, valued at $10,180,656.99. This 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 hyperlink. 0.30% of the stock is currently owned by company insiders.

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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