Lazari Capital Management Inc. Acquires 4,836 Shares of Bank of America Corporation $BAC

Lazari Capital Management Inc. grew its holdings in Bank of America Corporation (NYSE:BAC) by 5.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 99,873 shares of the financial services provider’s stock after acquiring an additional 4,836 shares during the period. Bank of America accounts for approximately 1.8% of Lazari Capital Management Inc.’s holdings, making the stock its 12th largest position. Lazari Capital Management Inc.’s holdings in Bank of America were worth $4,726,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. grew its position 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 worth $25,000 after acquiring an additional 227 shares in the last quarter. Cloud Capital Management LLC bought a new stake in Bank of America in the first quarter worth approximately $40,000. Perkins Coie Trust Co grew its position in Bank of America by 67.8% in the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 423 shares in the last quarter. Cranbrook Wealth Management LLC lifted its stake in shares of Bank of America by 41.2% in the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock worth $44,000 after buying an additional 306 shares during the last quarter. Finally, HighMark Wealth Management LLC lifted its stake in shares of Bank of America by 233.6% in the first 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 last quarter. 70.71% of the stock is owned by institutional investors.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Truist Financial boosted their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. The Goldman Sachs Group boosted their price objective on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Finally, Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, June 30th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.92.

Bank of America Price Performance

NYSE:BAC opened at $52.21 on Monday. The stock has a market cap of $386.72 billion, a P/E ratio of 15.27, a PEG ratio of 2.02 and a beta of 1.34. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a fifty day moving average price of $49.07 and a 200 day moving average price of $44.97. 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 announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating 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 company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the prior year, the company posted $0.83 EPS. The business’s revenue was up 4.3% on a year-over-year basis. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is currently 32.75%.

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.