Rehmann Capital Advisory Group Grows Position in Bank of America Corporation $BAC

Key Points

• Rehmann Capital Advisory Group increased its holdings in Bank of America by 10% during the second quarter, bringing its total to 54,929 shares valued at approximately $2.6 million.
• Analysts are optimistic about Bank of America, with multiple price target increases, resulting in a consensus rating of "Moderate Buy" and a target price of $57.23.
• Bank of America reported a quarterly earnings per share of $1.06, exceeding estimates, and authorized a $40 billion share buyback program to repurchase up to 11.1% of its outstanding shares.

Rehmann Capital Advisory Group raised its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 10.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,929 shares of the financial services provider's stock after acquiring an additional 4,980 shares during the period. Rehmann Capital Advisory Group's holdings in Bank of America were worth $2,599,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Nova Wealth Management Inc. increased its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $28,000. CGC Financial Services LLC increased its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 521 shares during the last quarter. Acima Private Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $33,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America during the 1st quarter valued at about $40,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BAC. UBS Group increased their price objective on Bank of America from $55.00 to $57.00 and gave the company a "buy" rating in a research report on Tuesday, October 7th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Royal Bank Of Canada raised their price target on Bank of America from $53.00 to $56.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 1st. Daiwa Capital Markets raised their price target on Bank of America from $54.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 8th. Finally, TD Cowen raised their price target on Bank of America from $59.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, October 16th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.23.

Insider Buying and Selling at Bank of America

In other 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 sale, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company's stock.

Bank of America Price Performance

BAC opened at $51.52 on Wednesday. The stock's 50 day simple moving average is $50.31 and its 200 day simple moving average is $46.04. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The firm has a market cap of $381.58 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 1.98 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business's quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company earned $0.81 EPS. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are 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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