RFG Advisory LLC Has $1.68 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• RFG Advisory LLC increased its holdings in Bank of America Corporation ($BAC) by 119.7%, owning 35,408 shares valued at approximately $1.68 million as of the latest SEC filing.
• Bank of America reported $1.06 EPS for the latest quarter, surpassing consensus estimates, with revenue of $28.09 billion, a year-on-year increase of 10.8%.
• The company recently announced a quarterly dividend of $0.28 per share, increasing from its previous dividend, reflecting a positive change in its financial strategy.

RFG Advisory LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 119.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,408 shares of the financial services provider's stock after purchasing an additional 19,291 shares during the quarter. RFG Advisory LLC's holdings in Bank of America were worth $1,676,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC boosted its holdings in Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider's stock valued at $12,288,000 after purchasing an additional 24,740 shares in the last quarter. Nicholas Hoffman & Company LLC. boosted its holdings in Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock valued at $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC boosted its holdings in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider's stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. CCG Wealth Management LLC acquired a new stake in Bank of America during the second quarter valued at approximately $287,000. Finally, Community Financial Services Group LLC boosted its holdings in Bank of America by 3.5% during the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider's stock valued at $8,000,000 after purchasing an additional 5,787 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Oppenheimer decreased their price objective on Bank of America from $57.00 to $56.00 and set an "outperform" rating on the stock in a report on Tuesday, September 23rd. JPMorgan Chase & Co. lifted their target price on shares of Bank of America from $51.00 to $55.00 and gave the company an "overweight" rating in a research note on Friday, October 10th. Wells Fargo & Company lifted their target price on shares of Bank of America from $56.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Robert W. Baird reiterated a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Finally, HSBC lifted their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a "hold" rating in a research note on Thursday, October 2nd. Twenty-one research 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.64.

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 on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction 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 Stock Up 4.3%

NYSE:BAC opened at $52.26 on Thursday. The stock's fifty day moving average price is $49.89 and its two-hundred day moving average price is $45.67. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. 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 company has a market cap of $387.06 billion, a price-to-earnings ratio of 15.28, a P/E/G ratio of 1.94 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the business earned $0.81 EPS. The business's revenue for the quarter was up 10.8% compared to the same quarter last year. On average, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is currently 32.75%.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

About Bank of America

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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