Fifth Third Wealth Advisors LLC Raises Holdings in Bank of America Corporation $BAC

Key Points

• Fifth Third Wealth Advisors LLC increased its holdings in Bank of America by 17.3%, now owning 252,758 shares valued at approximately $11.96 million.
• Bank of America announced a quarterly dividend of $0.28, up from the previous $0.26, indicating a 2.3% dividend yield.
• Several analysts have raised their price targets for Bank of America, with Wolfe Research setting a new target of $58.00 and Truist Financial at $56.00.

Fifth Third Wealth Advisors LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 17.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 252,758 shares of the financial services provider's stock after purchasing an additional 37,201 shares during the quarter. Fifth Third Wealth Advisors LLC's holdings in Bank of America were worth $11,961,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of BAC. Natural Investments LLC increased its stake in shares of Bank of America by 6.6% during the second quarter. Natural Investments LLC now owns 18,543 shares of the financial services provider's stock worth $877,000 after buying an additional 1,156 shares during the period. KFA Private Wealth Group LLC purchased a new stake in shares of Bank of America during the second quarter worth approximately $226,000. Von Berge Wealth Management Group LLC purchased a new stake in shares of Bank of America in the 2nd quarter valued at approximately $239,000. Aberdeen Group plc increased its position in shares of Bank of America by 6.3% in the 2nd quarter. Aberdeen Group plc now owns 5,893,238 shares of the financial services provider's stock valued at $279,664,000 after purchasing an additional 350,450 shares during the last quarter. Finally, Pinnacle West Asset Management Inc. purchased a new stake in shares of Bank of America in the 2nd quarter valued at approximately $247,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company's stock.

Bank of America Stock Performance

Shares of BAC opened at $48.62 on Friday. 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 firm has a market cap of $360.12 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33. The company's 50 day simple moving average is $49.61 and its 200-day simple moving average is $45.50. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period last year, the firm posted $0.83 EPS. Bank of America's revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a $0.28 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. Bank of America's dividend payout ratio (DPR) is 32.75%.

Analysts Set New Price Targets

Several research firms recently commented on BAC. Wolfe Research increased their target price on Bank of America from $57.00 to $58.00 and gave the company an "outperform" rating in a report on Tuesday. Truist Financial increased their price objective on Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Evercore ISI increased their price objective on Bank of America from $49.00 to $55.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Daiwa Capital Markets increased their price objective on Bank of America from $54.00 to $58.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Saturday. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average price target of $54.64.

Bank of America 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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