Journey Strategic Wealth LLC Increases Position in Bank of America Corporation $BAC

Journey Strategic Wealth LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 58.4% during the second quarter, HoldingsChannel reports. The firm owned 49,949 shares of the financial services provider’s stock after purchasing an additional 18,414 shares during the period. Journey Strategic Wealth LLC’s holdings in Bank of America were worth $2,364,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. University of Illinois Foundation purchased a new position in shares of Bank of America during the second quarter worth approximately $50,000. White Pine Capital LLC boosted its position in Bank of America by 0.6% during the second quarter. White Pine Capital LLC now owns 42,848 shares of the financial services provider’s stock valued at $2,028,000 after buying an additional 245 shares during the period. Hillsdale Investment Management Inc. grew its stake in shares of Bank of America by 208.6% during the second quarter. Hillsdale Investment Management Inc. now owns 41,040 shares of the financial services provider’s stock valued at $1,942,000 after buying an additional 27,740 shares during the last quarter. Seeds Investor LLC increased its holdings in shares of Bank of America by 3.2% in the second quarter. Seeds Investor LLC now owns 9,566 shares of the financial services provider’s stock worth $453,000 after buying an additional 296 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in shares of Bank of America in the second quarter worth about $1,080,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 1.9%

NYSE BAC opened at $51.02 on Friday. The firm has a market capitalization of $372.57 billion, a PE ratio of 13.90, a P/E/G ratio of 1.99 and a beta of 1.34. The stock’s 50 day moving average is $51.74 and its 200 day moving average is $48.31. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

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, beating the consensus estimate of $0.93 by $0.13. The business 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 for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 earnings per share. Research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Analyst Ratings Changes

Several research firms recently issued reports on BAC. Oppenheimer reduced their price target on Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday. Piper Sandler lifted their target price on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. Phillip Securities upped their price target on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. 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 on the stock in a report on Monday, October 27th. Finally, Citigroup increased their target price on shares of 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 research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

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.