Atlantic Edge Private Wealth Management LLC Boosts Stock Holdings in Bank of America Corporation $BAC

Atlantic Edge Private Wealth Management LLC grew its position in shares of Bank of America Corporation (NYSE:BAC) by 3.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 39,756 shares of the financial services provider’s stock after buying an additional 1,352 shares during the period. Atlantic Edge Private Wealth Management LLC’s holdings in Bank of America were worth $1,881,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Berkeley Capital Partners LLC increased its holdings in shares of Bank of America by 1.4% during the 2nd quarter. Berkeley Capital Partners LLC now owns 58,094 shares of the financial services provider’s stock valued at $2,749,000 after purchasing an additional 794 shares in the last quarter. Bogart Wealth LLC increased its holdings in shares of Bank of America by 20.8% during the 2nd quarter. Bogart Wealth LLC now owns 2,631 shares of the financial services provider’s stock valued at $124,000 after purchasing an additional 453 shares in the last quarter. Drive Wealth Management LLC increased its holdings in shares of Bank of America by 1.8% during the 2nd quarter. Drive Wealth Management LLC now owns 18,862 shares of the financial services provider’s stock valued at $893,000 after purchasing an additional 340 shares in the last quarter. Evermay Wealth Management LLC increased its holdings in shares of Bank of America by 5.4% during the 2nd quarter. Evermay Wealth Management LLC now owns 9,181 shares of the financial services provider’s stock valued at $434,000 after purchasing an additional 471 shares in the last quarter. Finally, FLC Capital Advisors increased its holdings in shares of Bank of America by 24.5% during the 2nd quarter. FLC Capital Advisors now owns 45,343 shares of the financial services provider’s stock valued at $2,146,000 after purchasing an additional 8,936 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.4%

Shares of BAC opened at $52.02 on Tuesday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. 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 firm’s fifty day moving average is $50.23 and its two-hundred day moving average is $46.00. The stock has a market cap of $385.32 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33.

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 the consensus estimate 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 company had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the previous year, the company posted $0.81 EPS. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. Research analysts forecast 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. Shareholders of record on Friday, September 5th were paid a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America declared that its Board of Directors has authorized a stock repurchase 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 generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Citigroup lifted their target price on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday. Truist Financial boosted their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. TD Cowen boosted their price target on shares of Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, Barclays boosted their price target on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.29.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated 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 transaction, the insider 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by company insiders.

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.