Financial Harvest LLC Makes New Investment in Bank of America Corporation $BAC

Key Points

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Financial Harvest LLC acquired a new position in Bank of America Corporation (NYSE:BAC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,887 shares of the financial services provider's stock, valued at approximately $231,000.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Nova Wealth Management Inc. boosted its holdings in shares of 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 valued at $25,000 after acquiring an additional 227 shares during the period. Wood Tarver Financial Group LLC acquired a new position in shares of Bank of America during the fourth quarter valued at $38,000. Mascagni Wealth Management Inc. acquired a new position in shares of Bank of America during the fourth quarter valued at $40,000. Cloud Capital Management LLC acquired a new position in shares of Bank of America during the first quarter valued at $40,000. Finally, Perkins Coie Trust Co boosted its holdings in shares of Bank of America by 67.8% during the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 423 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Down 0.4%

NYSE BAC traded down $0.22 on Monday, hitting $52.03. 27,332,974 shares of the company were exchanged, compared to its average volume of 37,902,632. The company's 50 day moving average price is $48.65 and its 200-day moving average price is $44.63. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The firm has a market capitalization of $385.39 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.66.

Bank of America (NYSE:BAC - Get Free Report) last posted 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 return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the previous year, the company earned $0.83 EPS. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders 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. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America's dividend payout ratio (DPR) is presently 32.75%.

Bank of America announced that its board has approved a stock buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Robert W. Baird reissued a "neutral" rating and set a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Citigroup upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a report on Friday. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the stock an "outperform" rating in a report on Monday, June 30th. Morgan Stanley upped their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Finally, Wells Fargo & Company upped their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $50.82.

Insiders Place Their Bets

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 stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by company insiders.

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.