Precedent Wealth Partners LLC Increases Stock Holdings in Bank of America Corporation $BAC

Key Points

• Precedent Wealth Partners LLC increased its holdings in Bank of America Corporation by 14.9%, owning a total of 46,166 shares worth approximately $2.18 million as of its latest SEC filing.
• Bank of America announced a quarterly dividend increase to $0.28 per share, up from $0.26, reflecting a 2.2% yield and a payout ratio of 32.75%.
• The firm initiated a $40 billion share buyback plan, allowing it to repurchase up to 11.1% of its stock, indicating management's belief that the stock is undervalued.

Precedent Wealth Partners LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 14.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,166 shares of the financial services provider's stock after buying an additional 6,004 shares during the period. Precedent Wealth Partners LLC's holdings in Bank of America were worth $2,185,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of BAC. Brighton Jones LLC boosted its holdings in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. Fermata Advisors LLC boosted its holdings in shares of Bank of America by 115.6% during the 1st quarter. Fermata Advisors LLC now owns 14,083 shares of the financial services provider's stock valued at $588,000 after buying an additional 7,550 shares in the last quarter. AMI Investment Management Inc. boosted its holdings in shares of Bank of America by 1.2% during the 1st quarter. AMI Investment Management Inc. now owns 83,492 shares of the financial services provider's stock valued at $3,484,000 after buying an additional 1,011 shares in the last quarter. Foster Group Inc. boosted its holdings in shares of Bank of America by 15.5% during the 1st quarter. Foster Group Inc. now owns 11,647 shares of the financial services provider's stock valued at $486,000 after buying an additional 1,565 shares in the last quarter. Finally, Ullmann Wealth Partners Group LLC boosted its holdings in shares of Bank of America by 1.6% during the 1st quarter. Ullmann Wealth Partners Group LLC now owns 52,985 shares of the financial services provider's stock valued at $2,211,000 after buying an additional 842 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BAC. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Erste Group Bank raised Bank of America from a "hold" rating to a "buy" rating in a research report on Friday. Morgan Stanley lifted their price target on Bank of America from $50.00 to $66.00 and gave the stock an "overweight" rating in a research report on Monday. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $56.00 to $58.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Citigroup lifted their price target on Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Nineteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $53.38.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction dated 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 transaction, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.30% of the company's stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $50.63 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The business has a 50-day simple moving average of $49.37 and a two-hundred day simple moving average of $45.26. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market cap of $374.98 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33.

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 for the quarter, topping analysts' consensus estimates 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 business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the firm earned $0.83 EPS. Bank of America's revenue was up 4.3% on a year-over-year basis. On average, 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 given a $0.28 dividend. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America's payout ratio is presently 32.75%.

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

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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