Trifecta Capital Advisors LLC Buys 7,151 Shares of Bank of America Corporation $BAC

Trifecta Capital Advisors LLC lifted its position in Bank of America Corporation (NYSE:BAC) by 2,572.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,429 shares of the financial services provider's stock after acquiring an additional 7,151 shares during the period. Trifecta Capital Advisors LLC's holdings in Bank of America were worth $352,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Nova Wealth Management Inc. raised its holdings in 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 worth $25,000 after buying an additional 227 shares during the period. RMG Wealth Management LLC acquired a new stake in Bank of America during the 2nd quarter worth approximately $28,000. Cloud Capital Management LLC acquired a new stake in Bank of America during the 1st quarter worth approximately $40,000. HighMark Wealth Management LLC raised its holdings in Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider's stock worth $43,000 after buying an additional 743 shares during the period. Finally, Highline Wealth Partners LLC raised its holdings in Bank of America by 37.1% during the 1st quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider's stock worth $48,000 after buying an additional 313 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE:BAC opened at $49.82 on Thursday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year 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 fifty day simple moving average of $49.50 and a 200 day simple moving average of $45.42. The stock has a market capitalization of $369.01 billion, a PE ratio of 14.57, a P/E/G ratio of 1.95 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the previous year, the business posted $0.83 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has approved a share buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. 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. Bank of America's dividend payout ratio (DPR) is presently 32.75%.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company's stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on BAC shares. Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. The Goldman Sachs Group lifted their price objective on shares of Bank of America from $56.00 to $59.00 and gave the company a "buy" rating in a report on Friday, October 3rd. UBS Group lifted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company a "buy" rating in a report on Tuesday. Citigroup lifted their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company a "buy" rating in a report on Friday, September 19th. Finally, Phillip Securities downgraded shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, July 25th. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $54.11.

Bank of America 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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