Sagespring Wealth Partners LLC Has $5.10 Million Stock Position in Bank of America Corporation $BAC

Key Points

• Sagespring Wealth Partners LLC increased its stake in Bank of America by 40% in Q2, holding 107,709 shares valued at approximately $5.10 million.
• The financial services provider recently announced a dividend increase from $0.26 to $0.28 per quarter, reflecting a 2.3% yield.
• Several investment analysts have given Bank of America a consensus rating of "Moderate Buy" with an average target price of $54.64.

Sagespring Wealth Partners LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 40.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,709 shares of the financial services provider's stock after purchasing an additional 30,767 shares during the period. Sagespring Wealth Partners LLC's holdings in Bank of America were worth $5,097,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Boston Common Asset Management LLC lifted its position in shares of Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider's stock worth $12,288,000 after buying an additional 24,740 shares during the last quarter. Nicholas Hoffman & Company LLC. lifted its position in shares of Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock worth $2,589,000 after buying an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC lifted its position in shares of Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider's stock worth $306,000 after buying an additional 439 shares during the last quarter. CCG Wealth Management LLC acquired a new stake in shares of Bank of America in the second quarter worth about $287,000. Finally, Community Financial Services Group LLC lifted its position in shares of Bank of America by 3.5% in the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider's stock worth $8,000,000 after buying an additional 5,787 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Evercore ISI boosted their price target on Bank of America from $49.00 to $55.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 30th. Oppenheimer dropped their price target on Bank of America from $57.00 to $56.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 23rd. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a report on Saturday. Deutsche Bank Aktiengesellschaft upped their price target on Bank of America from $56.00 to $58.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. Finally, JPMorgan Chase & Co. upped their price objective on Bank of America from $51.00 to $55.00 and gave the company an "overweight" rating in a research note on Friday. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $54.64.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the firm'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 sale, the insider owned 223,407 shares of the company's stock, 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 SEC, which can be accessed through this link. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Up 0.4%

Shares of BAC opened at $48.86 on Tuesday. The firm has a market capitalization of $361.93 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.89 and a beta of 1.33. 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 business's fifty day moving average price is $49.67 and its two-hundred day moving average price is $45.59. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for 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%.The business's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $0.83 EPS. On average, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is 32.75%.

Bank of America announced that its Board of Directors has approved a stock buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.