Parkwoods Wealth Partners LLC Acquires Shares of 5,149 Bank of America Corporation $BAC

Key Points

• Parkwoods Wealth Partners LLC acquired 5,149 shares of Bank of America, valued at approximately $244,000, during the 2nd quarter, reflecting a trend of increasing institutional investment in the bank.
• Bank of America recently raised its quarterly dividend from $0.26 to $0.28 per share, indicating a yield of 2.2% and a commitment to returning value to shareholders.
• Several analysts upgraded Bank of America's stock price targets, with estimates reaching as high as $66.00, as seventeen analysts have rated the stock with a "Buy" rating.

Parkwoods Wealth Partners LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 5,149 shares of the financial services provider's stock, valued at approximately $244,000.

Other large investors have also bought and sold shares of the company. Nicholas Hoffman & Company LLC. lifted its stake in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock valued at $2,589,000 after acquiring an additional 33,963 shares in the last quarter. Prosperity Wealth Management Inc. purchased a new stake in shares of Bank of America during the 1st quarter valued at $998,000. Alpha Cubed Investments LLC increased its position 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 purchasing an additional 17,619 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Bank of America by 170.5% during the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock valued at $9,951,000 after purchasing an additional 150,299 shares during the last quarter. Finally, Commerce Bank increased its position in shares of Bank of America by 2.3% during the 1st quarter. Commerce Bank now owns 1,124,755 shares of the financial services provider's stock valued at $46,936,000 after purchasing an additional 25,618 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Evercore ISI raised their target price on Bank of America from $49.00 to $55.00 and gave the company an "outperform" rating in a research report on Tuesday. Truist Financial raised their target price on Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Morgan Stanley lifted their price objective on Bank of America from $50.00 to $66.00 and gave the stock an "overweight" rating in a report on Monday. Citigroup lifted their price objective on Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a report on Friday, September 19th. Finally, The Goldman Sachs Group set a $55.00 price objective on Bank of America in a report on Tuesday. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and an average price target of $52.63.

Bank of America Stock Down 1.6%

Shares of NYSE BAC opened at $51.58 on Wednesday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. 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 capitalization of $382.05 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 2.03 and a beta of 1.34. The business has a 50-day moving average of $49.24 and a 200-day moving average of $45.09.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results 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. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.83 earnings per share. Sell-side analysts expect 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 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. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America's payout ratio is currently 32.75%.

Bank of America announced that its Board of Directors has initiated a stock 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 buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

Insider Transactions at Bank of America

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 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 $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 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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