Lansing Street Advisors Has $1.14 Million Position in Bank of America Corporation $BAC

Lansing Street Advisors boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 2.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,065 shares of the financial services provider’s stock after purchasing an additional 652 shares during the quarter. Lansing Street Advisors’ holdings in Bank of America were worth $1,139,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Nova Wealth Management Inc. boosted its holdings in shares of 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 during the period. RMG Wealth Management LLC acquired a new position in shares of Bank of America in the second quarter valued at approximately $28,000. Cloud Capital Management LLC acquired a new position in shares of Bank of America in the first quarter valued at approximately $40,000. HighMark Wealth Management LLC boosted its holdings 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 valued at $43,000 after buying an additional 743 shares during the period. Finally, Marshall & Sullivan Inc. WA acquired a new position in shares of Bank of America in the second quarter valued at approximately $54,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $50.22 on Wednesday. The company’s fifty day simple moving average is $49.46 and its 200-day simple moving average is $45.39. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm has a market cap of $371.95 billion, a PE ratio of 14.68, a P/E/G ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 12 month low of $33.06 and a 12 month 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, topping the consensus estimate 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 firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the prior year, the firm posted $0.83 earnings per share. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has initiated a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders 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%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction 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 sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BAC shares. Wells Fargo & Company upped their price target on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Evercore ISI upped their price target on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Finally, UBS Group boosted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday. Twenty investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.93.

About Bank of America

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.