Bank of America Corporation $BAC Shares Bought by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 568,090 shares of the financial services provider’s stock after buying an additional 15,665 shares during the period. Los Angeles Capital Management LLC’s holdings in Bank of America were worth $26,882,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Wealth Advisory Solutions LLC lifted its position in Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares during the period. Ballast Advisors LLC increased its holdings in shares of Bank of America by 4.1% in the second 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 raised its stake in shares of Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 221 shares during the last quarter. Centurion Wealth Management LLC raised its stake in shares of Bank of America by 2.3% during 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 last quarter. Finally, Nova Wealth Management Inc. lifted its holdings in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Royal Bank Of Canada reissued an “outperform” rating on shares of Bank of America in a research note on Thursday. Morgan Stanley lifted their target price on shares of Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday. The Goldman Sachs Group cut their price target on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Finally, Wolfe Research boosted their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Trading Down 0.1%

Shares of BAC opened at $53.22 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $53.99. 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 firm has a market capitalization of $388.62 billion, a P/E ratio of 14.50, a PEG ratio of 1.99 and a beta of 1.34. The firm’s 50-day moving average is $51.33 and its two-hundred day moving average is $47.57.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for 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 quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.81 EPS. On average, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend 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 plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.