Bank of America Corporation $BAC Position Boosted by Evermay Wealth Management LLC

Evermay Wealth Management LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 5.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 9,181 shares of the financial services provider’s stock after purchasing an additional 471 shares during the period. Evermay Wealth Management LLC’s holdings in Bank of America were worth $434,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Nova Wealth Management Inc. increased its stake 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 acquired a new position in Bank of America in the 2nd quarter valued at approximately $28,000. CGC Financial Services LLC increased its stake 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 acquired a new position in Bank of America in the 2nd quarter valued at approximately $33,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’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 transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Seaport Global Securities boosted their price target on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. The Goldman Sachs Group boosted their price target on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $58.00 price target (up previously from $57.00) on shares of Bank of America in a research note on Thursday. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.29.

Bank of America Stock Up 1.7%

Shares of Bank of America stock opened at $51.28 on Monday. The stock has a market capitalization of $379.83 billion, a P/E ratio of 13.97, a PEG ratio of 1.95 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a 50 day moving average price of $50.11 and a two-hundred day moving average price of $45.88. 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 announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.81 earnings per share. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced 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. 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 (DPR) is currently 30.52%.

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.