Concurrent Investment Advisors LLC Purchases 77,277 Shares of Bank of America Corporation $BAC

Key Points

• Concurrent Investment Advisors LLC increased its holdings in Bank of America by 28.3%, purchasing an additional 77,277 shares, bringing their total to 349,871 shares valued at approximately $16.56 million.
• Bank of America recently announced an increased quarterly dividend of $0.28 per share, up from $0.26, resulting in an annualized dividend of $1.12 and a yield of 2.3%.
• Several analysts have raised their price targets for Bank of America, with Royal Bank of Canada setting a new target of $56.00 and Citigroup raising theirs to $58.00, reflecting positive market sentiment.

Concurrent Investment Advisors LLC lifted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 28.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 349,871 shares of the financial services provider's stock after buying an additional 77,277 shares during the period. Concurrent Investment Advisors LLC's holdings in Bank of America were worth $16,556,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cerro Pacific Wealth Advisors LLC lifted its stake in shares of Bank of America by 8.8% in the second quarter. Cerro Pacific Wealth Advisors LLC now owns 17,800 shares of the financial services provider's stock worth $842,000 after buying an additional 1,440 shares in the last quarter. Investment Advisory Group LLC lifted its stake in shares of Bank of America by 6.9% in the second quarter. Investment Advisory Group LLC now owns 8,345 shares of the financial services provider's stock worth $395,000 after buying an additional 541 shares in the last quarter. 1858 Wealth Management LLC lifted its stake in shares of Bank of America by 4.7% in the second quarter. 1858 Wealth Management LLC now owns 6,426 shares of the financial services provider's stock worth $304,000 after buying an additional 289 shares in the last quarter. Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Bank of America in the second quarter worth approximately $1,456,000. Finally, Apollon Wealth Management LLC lifted its stake in shares of Bank of America by 2.2% in the second quarter. Apollon Wealth Management LLC now owns 187,070 shares of the financial services provider's stock worth $8,852,000 after buying an additional 4,108 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Down 2.4%

Shares of BAC stock opened at $48.62 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The stock has a market cap of $360.12 billion, a P/E ratio of 14.22, a P/E/G ratio of 1.89 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company has a 50 day simple moving average of $49.61 and a two-hundred day simple moving average of $45.52.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the prior year, the company earned $0.83 earnings per share. The firm's revenue was up 4.3% on a year-over-year basis. On average, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. 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 yield of 2.3%. 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 announced that its Board of Directors has initiated a share buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BAC shares. Royal Bank Of Canada upped their target price on shares of Bank of America from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 1st. Erste Group Bank raised shares of Bank of America from a "hold" rating to a "buy" rating in a report on Friday, October 3rd. Citigroup boosted their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company a "buy" rating in a report on Friday, September 19th. TD Cowen boosted their price objective on shares of Bank of America from $54.00 to $59.00 and gave the company a "buy" rating in a report on Friday, October 3rd. Finally, Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $54.64.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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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