Fox Run Management L.L.C. Acquires New Shares in Bank of America Corporation $BAC

Fox Run Management L.L.C. purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 32,419 shares of the financial services provider’s stock, valued at approximately $1,534,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Wealth Advisory Solutions LLC increased its position in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after acquiring an additional 214 shares during the period. Ballast Advisors LLC lifted its stake in shares of Bank of America by 4.1% in the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after purchasing an additional 218 shares during the period. Cyndeo Wealth Partners LLC boosted its holdings in shares of Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after buying an additional 221 shares in the last quarter. Centurion Wealth Management LLC grew its holdings in Bank of America by 2.3% in the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 225 shares during the period. Finally, Nova Wealth Management Inc. grew its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.1%

NYSE BAC opened at $53.22 on Friday. The business’s fifty day moving average is $51.33 and its 200-day moving average is $47.51. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $388.62 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.99.

Bank of America (NYSE:BAC) last posted 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 during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 earnings per share. Equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given 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 dividend payout ratio is currently 30.52%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on BAC shares. UBS Group boosted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Wells Fargo & Company boosted their target price on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. HSBC raised their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Finally, Citigroup boosted their price objective on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Twenty-three 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 presently has an average rating of “Moderate Buy” and an average price target of $57.86.

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.