Signature Estate & Investment Advisors LLC Increases Stake in Bank of America Corporation $BAC

Signature Estate & Investment Advisors LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 6.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,476 shares of the financial services provider’s stock after acquiring an additional 701 shares during the period. Signature Estate & Investment Advisors LLC’s holdings in Bank of America were worth $590,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BAC. Deutsche Bank AG lifted its holdings in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Unisphere Establishment lifted its holdings in shares of Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after acquiring an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in Bank of America in the second quarter valued at approximately $164,623,000. Maverick Capital Ltd. purchased a new position in Bank of America in the first quarter valued at approximately $152,098,000. Finally, AMF Tjanstepension AB raised its holdings in Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after buying an additional 3,438,876 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BAC shares. Piper Sandler raised their price target on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Barclays raised their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Morgan Stanley raised their price target on shares of Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Finally, Truist Financial raised their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report 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 company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.29.

Bank of America Stock Up 1.4%

BAC stock opened at $52.02 on Tuesday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. 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 company has a market capitalization of $385.32 billion, a P/E ratio of 14.17, a PEG ratio of 1.95 and a beta of 1.33. The firm has a 50 day simple moving average of $50.23 and a 200-day simple moving average of $46.00.

Bank of America (NYSE:BAC) last released its quarterly 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 business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter last year, the company 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 predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared 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 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 dividend yield of 2.2%. Bank of America’s dividend payout ratio is 30.52%.

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

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’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 of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a 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 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.