Endeavor Private Wealth Inc. Acquires 6,736 Shares of Bank of America Corporation (NYSE:BAC)

Endeavor Private Wealth Inc. grew its holdings in Bank of America Corporation (NYSE:BAC) by 225.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,724 shares of the financial services provider's stock after acquiring an additional 6,736 shares during the period. Endeavor Private Wealth Inc.'s holdings in Bank of America were worth $406,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Gradient Investments LLC lifted its position in Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after purchasing an additional 50,296 shares in the last quarter. Employees Retirement System of Texas raised its stake in shares of Bank of America by 12.7% in the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock worth $69,640,000 after buying an additional 17,880 shares during the period. Prosperity Wealth Management Inc. purchased a new position in shares of Bank of America during the 1st quarter valued at about $998,000. Alpha Cubed Investments LLC grew its stake 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 valued at $2,714,000 after acquiring an additional 17,619 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in Bank of America by 170.5% in 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 acquiring an additional 150,299 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group upped their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Citigroup boosted their price objective on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. One equities 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. Based on data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $50.13.

Bank of America Price Performance

Shares of BAC stock opened at $45.65 on Friday. The stock has a market capitalization of $343.83 billion, a price-to-earnings ratio of 13.35, a P/E/G ratio of 1.84 and a beta of 1.31. 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 twelve month low of $33.06 and a twelve month high of $49.31. The stock has a fifty day simple moving average of $46.27 and a two-hundred day simple moving average of $43.81.

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

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This is a boost 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 2.5%. The ex-dividend date is Friday, September 5th. Bank of America's payout ratio is 30.41%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the business'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 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. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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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