Princeton Capital Management LLC Boosts Stake in Bank of America Corporation (NYSE:BAC)

Princeton Capital Management LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 38,680 shares of the financial services provider’s stock after purchasing an additional 1,553 shares during the period. Princeton Capital Management LLC’s holdings in Bank of America were worth $1,614,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Graney & King LLC purchased a new stake in Bank of America during the 4th quarter valued at about $25,000. Vega Investment Solutions purchased a new position in Bank of America during the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America in the fourth quarter valued at about $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $34,000. Finally, Glass Jacobson Investment Advisors llc lifted its stake in shares of Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 276 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 1.7%

BAC stock traded up $0.81 during mid-day trading on Thursday, hitting $48.95. 9,801,380 shares of the company were exchanged, compared to its average volume of 43,251,570. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market cap of $368.72 billion, a P/E ratio of 14.30, a P/E/G ratio of 1.86 and a beta of 1.30. The firm’s 50 day simple moving average is $45.75 and its 200 day simple moving average is $43.72. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $49.31.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the business earned $0.83 earnings per share. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.29%. Bank of America’s payout ratio is currently 30.41%.

Bank of America declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Cowen began coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Keefe, Bruyette & Woods reduced their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Truist Financial increased their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Finally, Argus dropped their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.03.

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.