Pinnacle Bancorp Inc. Has $2.17 Million Stock Position in Bank of America Corporation $BAC

Pinnacle Bancorp Inc. lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 45,838 shares of the financial services provider’s stock after purchasing an additional 350 shares during the quarter. Pinnacle Bancorp Inc.’s holdings in Bank of America were worth $2,169,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of BAC. Nova Wealth Management Inc. boosted its stake in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. Vega Investment Solutions acquired a new stake in Bank of America in the fourth quarter valued at about $30,000. Wood Tarver Financial Group LLC acquired a new stake in Bank of America in the fourth quarter valued at about $38,000. Mascagni Wealth Management Inc. acquired a new stake in Bank of America in the fourth quarter valued at about $40,000. Finally, Cloud Capital Management LLC acquired a new stake in Bank of America in the first quarter valued at about $40,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BAC shares. Oppenheimer raised their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Finally, HSBC downgraded Bank of America from a “buy” rating to a “hold” rating and increased their target price for the company from $47.00 to $51.00 in a research report on Monday, July 7th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.82.

Bank of America Trading Up 0.3%

NYSE BAC opened at $52.27 on Friday. The business has a 50 day simple moving average of $48.55 and a 200 day simple moving average of $44.52. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.66. The stock has a market capitalization of $387.16 billion, a P/E ratio of 15.28, a P/E/G ratio of 2.02 and a beta of 1.34. 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 (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter last year, the firm posted $0.83 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is 32.75%.

Bank of America declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred 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 $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.30% of the company’s stock.

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.