Planned Solutions Inc. Raises Stock Holdings in Bank of America Corporation $BAC

Planned Solutions Inc. boosted its stake in Bank of America Corporation (NYSE:BAC) by 2.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 10,307 shares of the financial services provider’s stock after acquiring an additional 285 shares during the period. Planned Solutions Inc.’s holdings in Bank of America were worth $488,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% in the 2nd 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 purchased a new stake in Bank of America in the 2nd quarter valued at about $28,000. CGC Financial Services LLC raised its holdings in Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Acima Private Wealth LLC purchased a new stake in Bank of America during the second quarter worth about $33,000. Finally, Cloud Capital Management LLC purchased a new stake in Bank of America during the first quarter worth about $40,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.7%

BAC stock opened at $51.28 on Friday. The company’s 50 day moving average price is $50.11 and its 200 day moving average price is $45.82. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm has a market capitalization of $379.83 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio is 30.52%.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred 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 owned 223,407 shares in the company, valued at approximately $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 can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. HSBC boosted their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Finally, 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 research note on Thursday. Twenty-one equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.29.

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.