Washington Growth Strategies LLC Purchases New Holdings in Bank of America Corporation $BAC

Key Points

• Washington Growth Strategies LLC has acquired a new stake in Bank of America Corporation, purchasing 32,749 shares valued at approximately $1.55 million, making it the firm's 22nd largest holding.
• Bank of America recently declared a quarterly dividend of $0.28 per share, which is an increase from the previous dividend of $0.26, indicating a robust financial position.
• Multiple research firms have raised their price targets for Bank of America's stock, with Goldman Sachs setting the target at $59.00, further reflecting investor confidence.

Washington Growth Strategies LLC purchased a new stake in Bank of America Corporation (NYSE:BAC - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 32,749 shares of the financial services provider's stock, valued at approximately $1,550,000. Bank of America makes up approximately 1.2% of Washington Growth Strategies LLC's holdings, making the stock its 22nd biggest holding.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nicholas Hoffman & Company LLC. lifted its stake in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock valued at $2,589,000 after buying an additional 33,963 shares in the last quarter. Prosperity Wealth Management Inc. purchased a new position in Bank of America in the 1st quarter valued at about $998,000. Alpha Cubed Investments LLC lifted its stake in Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock valued at $2,714,000 after buying an additional 17,619 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Bank of America by 170.5% in the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock valued at $9,951,000 after buying an additional 150,299 shares in the last quarter. Finally, Commerce Bank lifted its stake in Bank of America by 2.3% in the 1st quarter. Commerce Bank now owns 1,124,755 shares of the financial services provider's stock valued at $46,936,000 after buying an additional 25,618 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction that occurred 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 sale, the insider owned 223,407 shares in the company, valued at $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 is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Up 0.3%

Shares of NYSE BAC opened at $50.63 on Friday. The company has a 50 day simple moving average of $49.37 and a 200-day simple moving average of $45.26. The company has a market capitalization of $374.98 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 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.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.83 EPS. On average, equities research 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 has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is 32.75%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. The Goldman Sachs Group raised their price target on shares of Bank of America from $56.00 to $59.00 and gave the company a "buy" rating in a research note on Friday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday. Phillip Securities lowered shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Erste Group Bank raised shares of Bank of America from a "hold" rating to a "buy" rating in a research note on Friday. Finally, Citigroup raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, September 19th. Nineteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $53.38.

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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