Quotient Wealth Partners LLC Has $1.95 Million Stock Position in Bank of America Corporation $BAC

Quotient Wealth Partners LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 41,159 shares of the financial services provider’s stock after buying an additional 2,823 shares during the period. Quotient Wealth Partners LLC’s holdings in Bank of America were worth $1,948,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of BAC. Nova Wealth Management Inc. increased its holdings in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares in the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the second quarter worth $28,000. CGC Financial Services LLC increased its holdings in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares in the last quarter. Acima Private Wealth LLC acquired a new position in shares of Bank of America during the second quarter worth $33,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Bank of America during the first quarter worth $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $51.28 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $379.83 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33. The firm’s fifty day simple moving average is $50.11 and its two-hundred day simple moving average is $45.79. 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 issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 earnings per share. As a group, analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

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 dividend on an annualized basis 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%.

Bank of America announced that its Board of Directors has approved a share buyback plan 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 buy up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $58.00 price target (up from $57.00) on shares of Bank of America in a report on Thursday. Piper Sandler boosted their price objective on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday. 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. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Saturday, October 11th. Finally, 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. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.76.

Insider Buying and Selling

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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company 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.