CHICAGO TRUST Co NA Boosts Position in Bank of America Corporation $BAC

Key Points

• CHICAGO TRUST Co NA increased its holdings in Bank of America Corporation by 4.9% in the second quarter, now owning a total of 104,130 shares valued at around $4.9 million.
• Bank of America has declared a quarterly dividend increase to $0.28 per share, up from $0.26, which reflects an annualized yield of 2.2%.
• The company announced a $40 billion share repurchase plan, allowing it to buy back approximately 11.1% of its outstanding shares, signaling confidence in its stock value.

CHICAGO TRUST Co NA increased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 4.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 104,130 shares of the financial services provider's stock after purchasing an additional 4,878 shares during the quarter. Bank of America makes up approximately 0.7% of CHICAGO TRUST Co NA's portfolio, making the stock its 29th biggest position. CHICAGO TRUST Co NA's holdings in Bank of America were worth $4,927,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Centurion Wealth Management LLC lifted its stake in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider's stock worth $467,000 after purchasing an additional 225 shares during the last quarter. Nova Wealth Management Inc. lifted its stake in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Cape Investment Advisory Inc. lifted its stake in Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider's stock worth $524,000 after purchasing an additional 238 shares during the last quarter. Menard Financial Group LLC lifted its stake in Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock worth $906,000 after purchasing an additional 240 shares during the last quarter. Finally, Maia Wealth LLC lifted its stake in Bank of America by 1.4% during the first quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider's stock worth $723,000 after purchasing an additional 240 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Down 0.4%

Shares of BAC stock opened at $52.03 on Tuesday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.66. The stock has a market cap of $385.39 billion, a P/E ratio of 15.21, a P/E/G ratio of 2.03 and a beta of 1.34. The business has a fifty day simple moving average of $48.65 and a 200-day simple moving average of $44.63. 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 (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same quarter last year, the business posted $0.83 earnings per share. The business's revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share 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. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio (DPR) is 32.75%.

Bank of America announced that its board has approved 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 buy up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Morgan Stanley boosted their price objective on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. Oppenheimer boosted their price objective on Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. HSBC cut Bank of America from a "buy" rating to a "hold" rating and boosted their price objective for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Finally, Truist Financial boosted their price objective on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $50.82.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm's 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 $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

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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