Whipplewood Advisors LLC Buys 1,212 Shares of Bank of America Corporation $BAC

Whipplewood Advisors LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 1,027.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,330 shares of the financial services provider’s stock after buying an additional 1,212 shares during the quarter. Whipplewood Advisors LLC’s holdings in Bank of America were worth $63,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Interchange Capital Partners LLC grew its holdings in Bank of America by 2.2% during the second quarter. Interchange Capital Partners LLC now owns 16,510 shares of the financial services provider’s stock worth $781,000 after buying an additional 354 shares in the last quarter. Brighton Jones LLC grew its holdings in Bank of America by 6.1% during the second quarter. Brighton Jones LLC now owns 114,492 shares of the financial services provider’s stock worth $5,418,000 after buying an additional 6,585 shares in the last quarter. RedJay Asset Management Inc. grew its holdings in Bank of America by 20.0% during the second quarter. RedJay Asset Management Inc. now owns 120,000 shares of the financial services provider’s stock worth $5,678,000 after buying an additional 20,000 shares in the last quarter. Graybill Wealth Management LTD. grew its holdings in Bank of America by 1.3% during the second quarter. Graybill Wealth Management LTD. now owns 94,015 shares of the financial services provider’s stock worth $4,449,000 after buying an additional 1,224 shares in the last quarter. Finally, Leavell Investment Management Inc. grew its holdings in Bank of America by 19.6% during the second quarter. Leavell Investment Management Inc. now owns 20,100 shares of the financial services provider’s stock worth $951,000 after buying an additional 3,292 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BAC shares. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Ameriprise Financial raised Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Barclays boosted their price objective on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Citigroup boosted their price objective on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Dbs Bank raised Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Twenty-three investment 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 stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.32.

Bank of America Stock Performance

Shares of BAC opened at $52.98 on Tuesday. The stock’s 50-day simple moving average is $50.68 and its 200 day simple moving average is $46.56. The stock has a market capitalization of $392.43 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. 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 52-week low of $33.06 and a 52-week high of $53.07.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 business had revenue of $28.09 billion for 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 firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 EPS. Research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio is 30.52%.

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

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the 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 owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.30% of the company’s stock.

About Bank of America

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.