Generali Investments CEE investicni spolecnost a.s. Buys 60,000 Shares of Bank of America Corporation $BAC

Generali Investments CEE investicni spolecnost a.s. lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 58.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 161,960 shares of the financial services provider’s stock after purchasing an additional 60,000 shares during the quarter. Generali Investments CEE investicni spolecnost a.s.’s holdings in Bank of America were worth $7,664,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BAC. Wealth Advisory Solutions LLC increased its position in shares of Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares during the last quarter. Centurion Wealth Management LLC increased its position in shares of 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 last quarter. Nova Wealth Management Inc. increased its position in shares of Bank of America by 75.2% in 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 last quarter. Cape Investment Advisory Inc. increased its position in shares of Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 238 shares during the last quarter. Finally, Rainier Family Wealth Inc. increased its position in shares of Bank of America by 3.9% in the second quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 239 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on BAC shares. Morgan Stanley upped their price objective on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday. HSBC cut shares of Bank of America from a “buy” rating to a “hold” rating and increased their price target for the company from $47.00 to $51.00 in a research report on Monday, July 7th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Finally, Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Seventeen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $52.63.

Bank of America Stock Performance

NYSE:BAC opened at $51.58 on Wednesday. The firm has a market cap of $382.05 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. 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 business has a 50 day moving average price of $49.24 and a 200-day moving average price of $45.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the firm posted $0.83 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change 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 2.2%. Bank of America’s payout ratio is 32.75%.

About Bank of America

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.