6,055 Shares in Bank of America Corporation $BAC Acquired by CCG Wealth Management LLC

CCG Wealth Management LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 6,055 shares of the financial services provider’s stock, valued at approximately $287,000.

Several other institutional investors have also recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in shares of Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after purchasing an additional 803,570 shares during the last quarter. Deutsche Bank AG raised its position in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Amundi raised its position in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after acquiring an additional 188,638 shares during the period. Finally, National Pension Service grew its stake in Bank of America by 2.4% in the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock worth $541,250,000 after acquiring an additional 300,944 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 2.4%

Shares of NYSE BAC opened at $48.62 on Friday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The firm has a fifty day moving average of $49.61 and a 200-day moving average of $45.52. The stock has a market capitalization of $360.12 billion, a PE ratio of 14.22, a P/E/G ratio of 1.89 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

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 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 company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the previous year, the company earned $0.83 EPS. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is presently 32.75%.

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

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft lifted 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, September 30th. Royal Bank Of Canada lifted their target price on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Wolfe Research lifted their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. The Goldman Sachs Group lifted their target price on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Finally, 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. Twenty-one 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 presently has a consensus rating of “Moderate Buy” and an average target price of $54.64.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business’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 completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by corporate insiders.

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.