Lodestone Wealth Management LLC Grows Stock Holdings in Bank of America Corporation $BAC

Lodestone Wealth Management LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 43.8% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 84,008 shares of the financial services provider’s stock after buying an additional 25,571 shares during the period. Bank of America makes up approximately 1.9% of Lodestone Wealth Management LLC’s portfolio, making the stock its 10th biggest holding. Lodestone Wealth Management LLC’s holdings in Bank of America were worth $3,975,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% during the 2nd 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. Quaker Wealth Management LLC grew its position in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the period. RMG Wealth Management LLC bought a new stake in Bank of America in the second quarter worth about $28,000. CGC Financial Services LLC boosted its stake in Bank of America by 585.4% in 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 last quarter. Finally, Acima Private Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter valued at approximately $33,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

BAC stock opened at $52.04 on Thursday. The firm has a 50 day simple moving average of $51.73 and a two-hundred day simple moving average of $48.29. The stock has a market cap of $379.99 billion, a PE ratio of 14.18, a P/E/G 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 $54.69. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.81 earnings per share. On average, analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share buyback 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 purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are 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 paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Wolfe Research lifted their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Wells Fargo & Company upped their price target 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. Oppenheimer dropped their target price on Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, The Goldman Sachs Group cut their price target on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $57.77.

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.