Vertrix Wealth Management LLC Buys New Holdings in Bank of America Corporation $BAC

Key Points

• Vertrix Wealth Management initiated a new position in Bank of America during the first quarter, buying 9,099 shares valued at about $444,000.
• Bank of America reported strong quarterly results, with earnings of $1.11 per share and revenue of $30.27 billion, both above analyst expectations. The company also raised its annualized dividend payout to $1.12 per share, implying a 1.9% yield.
• The stock has recently traded higher and has broad institutional support, with hedge funds and institutions owning about 70.71% of shares. Analyst sentiment remains constructive, with a consensus rating of Moderate Buy and a price target of $61.60.

Vertrix Wealth Management LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 9,099 shares of the financial services provider's stock, valued at approximately $444,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Abound Financial LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new position in Bank of America during the third quarter valued at approximately $27,000. Legacy Bridge LLC lifted its position in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after buying an additional 330 shares in the last quarter. CrossGen Wealth LLC purchased a new stake in Bank of America during the fourth quarter worth approximately $30,000. Finally, Joseph Group Capital Management acquired a new stake in shares of Bank of America in the fourth quarter worth $32,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 2.4%

BAC opened at $58.36 on Thursday. The firm's 50 day moving average is $53.60 and its 200-day moving average is $52.75. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $59.19. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $414.19 billion, a P/E ratio of 14.45, a P/E/G ratio of 0.96 and a beta of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 earnings per share. Analysts expect that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America's payout ratio is currently 27.72%.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.27% of the stock is currently owned by insiders.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analysts turned more constructive on Bank of America ahead of Q2 results, citing strong earnings expectations and raising price targets. Is Bank of America (BAC) the Most Undervalued American Stock to Invest In?
• Positive Sentiment: Bank of America is expected to deliver another solid quarter, with consensus calling for higher profit and revenue on July 14. Bank of America Likely To Report Higher Q2 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Neutral Sentiment: Senate Democrats asked the Fed’s inspector general to review whether a Fed vice chair’s attendance at a private Bank of America client dinner broke rules; this is a reputational headline, but it does not appear to involve the bank’s operations directly. US Senator Warren calls for Fed watchdog review of Bowman's BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was fined $7.5 million by the SEC over suspicious activity report failures, adding a modest regulatory overhang. Bank of America's Merrill Lynch unit fined $7.5M by U.S. SEC

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. Royal Bank Of Canada reissued an "outperform" rating and issued a $59.00 target price on shares of Bank of America in a research note on Thursday, April 16th. Autonomous Res decreased their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Monday, April 6th. JPMorgan Chase & Co. lowered their price target on Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a report on Tuesday, April 7th. Argus raised their price objective on Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Finally, Evercore reduced their price objective on Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a research note on Friday, May 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.60.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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