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Caliber Wealth Management LLC KS Purchases Shares of 15,985 Bank of America Corporation (NYSE:BAC)

Bank of America logo with Finance background

Key Points

  • Caliber Wealth Management LLC KS invested approximately $667,000 in Bank of America Corporation by acquiring 15,985 shares during the first quarter.
  • Bank of America announced a quarterly dividend of $0.28, an increase from its previous dividend of $0.26, representing an annual yield of 2.31%.
  • The company has initiated a stock repurchase program authorizing up to $40 billion in share buybacks, signaling management's belief that its stock is undervalued.
  • Five stocks to consider instead of Bank of America.

Caliber Wealth Management LLC KS purchased a new stake in Bank of America Corporation (NYSE:BAC - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 15,985 shares of the financial services provider's stock, valued at approximately $667,000.

Several other large investors also recently made changes to their positions in the business. Gradient Investments LLC increased its position in shares of Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Employees Retirement System of Texas lifted its position in shares of Bank of America by 12.7% during the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock valued at $69,640,000 after acquiring an additional 17,880 shares during the period. Prosperity Wealth Management Inc. bought a new stake in shares of Bank of America during the 1st quarter valued at $998,000. Alpha Cubed Investments LLC raised its holdings in shares of Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after buying an additional 17,619 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Bank of America by 170.5% during the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock worth $9,951,000 after buying an additional 150,299 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Phillip Securities cut Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday. HSBC cut Bank of America from a "buy" rating to a "hold" rating and increased their price target for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Cfra Research raised their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Citigroup raised their target price on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Finally, TD Cowen assumed coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 target price for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $50.03.

Get Our Latest Stock Report on BAC

Bank of America Trading Down 0.3%

Shares of NYSE:BAC traded down $0.15 during trading on Tuesday, reaching $48.09. The company's stock had a trading volume of 7,555,354 shares, compared to its average volume of 42,941,199. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The firm's 50 day simple moving average is $45.98 and its two-hundred day simple moving average is $43.74. The stock has a market capitalization of $362.17 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 1.88 and a beta of 1.30.

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, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company's revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 earnings per share. On average, research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. 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 yield of 2.33%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's payout ratio is currently 30.41%.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

About Bank of America

(Free Report)

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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