Impact Capital Partners LLC Has $466,000 Holdings in Bank of America Corporation $BAC

Impact Capital Partners LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 2.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,858 shares of the financial services provider’s stock after acquiring an additional 252 shares during the period. Impact Capital Partners LLC’s holdings in Bank of America were worth $466,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in BAC. Wealth Advisory Solutions LLC grew its stake in Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after acquiring an additional 214 shares in the last quarter. Centurion Wealth Management LLC boosted its holdings in Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares during the period. Nova Wealth Management Inc. grew its position in shares of 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 valued at $25,000 after purchasing an additional 227 shares in the last quarter. Cape Investment Advisory Inc. grew its position in shares of Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 238 shares in the last quarter. Finally, Rainier Family Wealth Inc. increased its holdings in shares of Bank of America by 3.9% in the second quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 239 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on BAC. The Goldman Sachs Group set a $55.00 target price on Bank of America in a research report on Tuesday. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Oppenheimer decreased their price objective on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 23rd. Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Finally, Morgan Stanley boosted their price target on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research note on Monday. Seventeen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.63.

Bank of America Price Performance

BAC stock opened at $51.58 on Wednesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market cap of $382.05 billion, a P/E ratio of 15.08, a P/E/G ratio of 2.03 and a beta of 1.34. The firm’s fifty day moving average is $49.24 and its 200 day moving average is $45.09. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.83 earnings per share. Research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 32.75%.

Bank of America announced that its board has approved a share buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

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

Bank of America Company 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.