Bank of America Corporation $BAC Shares Acquired by Drive Wealth Management LLC

Drive Wealth Management LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,862 shares of the financial services provider’s stock after purchasing an additional 340 shares during the quarter. Drive Wealth Management LLC’s holdings in Bank of America were worth $893,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Nova Wealth Management Inc. boosted 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 purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America in the second quarter valued at $28,000. CGC Financial Services LLC boosted its holdings in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. Acima Private Wealth LLC acquired a new position in Bank of America in the second quarter valued at $33,000. Finally, Cloud Capital Management LLC acquired a new position in Bank of America in the first quarter valued at $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 1.7%

NYSE:BAC opened at $51.28 on Monday. The business’s 50-day moving average is $50.11 and its two-hundred day moving average is $45.88. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The firm has a market capitalization of $379.83 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33.

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

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders 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 a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is presently 30.52%.

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

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Piper Sandler lifted their target price on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday. Seaport Global Securities lifted their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. UBS Group lifted their target price on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.29.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated 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 sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

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.