Bridges Investment Management Inc. Buys 14,153 Shares of Bank of America Corporation $BAC

Key Points

• Bridges Investment Management Inc. increased its stake in Bank of America by 37.0% in the second quarter, now holding 52,424 shares valued at approximately $2.48 million.
• Bank of America reported a quarterly earnings per share of $1.06, exceeding estimates by $0.13, along with a revenue of $28.09 billion during the same period.
• The company recently increased its quarterly dividend to $0.28 per share, reflecting a positive signal regarding its financial health and commitment to returning value to shareholders.

Bridges Investment Management Inc. grew its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 37.0% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 52,424 shares of the financial services provider's stock after acquiring an additional 14,153 shares during the quarter. Bridges Investment Management Inc.'s holdings in Bank of America were worth $2,481,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of BAC. Nova Wealth Management Inc. lifted its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $28,000. CGC Financial Services LLC lifted its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider's stock worth $29,000 after buying an additional 521 shares during the last quarter. Acima Private Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $33,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America during the 1st quarter worth $40,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Daiwa Capital Markets upped their price objective on Bank of America from $54.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 8th. TD Cowen upped their price objective on Bank of America from $59.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on Bank of America from $51.00 to $55.00 and gave the stock an "overweight" rating in a research report on Friday, October 10th. Morgan Stanley upped their price objective on Bank of America from $66.00 to $67.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Bank of America in a research report on Wednesday, October 8th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $56.18.

Bank of America Trading Down 3.6%

Shares of BAC stock opened at $50.38 on Friday. The stock has a market cap of $373.16 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 2.01 and a beta of 1.33. The stock has a 50-day moving average of $50.00 and a 200-day moving average of $45.73. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to analysts' expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business's quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change 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%. Bank of America's payout ratio is currently 32.75%.

Bank of America announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management 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 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company's stock.

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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