Access Investment Management LLC Takes Position in Bank of America Corporation $BAC

Access Investment Management LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 210,075 shares of the financial services provider’s stock, valued at approximately $9,941,000. Bank of America makes up approximately 2.8% of Access Investment Management LLC’s portfolio, making the stock its 11th biggest holding.

A number of other hedge funds also recently made changes to their positions in BAC. Nova Wealth Management Inc. increased its stake in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC raised its holdings in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America during the second quarter worth $28,000. CGC Financial Services LLC lifted its holdings in shares of Bank of America by 585.4% during 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 period. Finally, Acima Private Wealth LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on BAC. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a report on Friday. Wells Fargo & Company lifted their target price on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. UBS Group increased their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Piper Sandler raised their price target on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, October 16th. Finally, Truist Financial boosted their price objective on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Twenty-three investment 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.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.59.

Bank of America Stock Up 1.0%

Shares of BAC opened at $53.55 on Monday. The firm has a market capitalization of $396.63 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.64. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business’s fifty day moving average price is $51.03 and its two-hundred day moving average price is $47.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 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 analyst estimates 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 period last year, the company earned $0.81 earnings per share. On average, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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

Bank of America announced that its board 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 reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.