Blue Zone Wealth Advisors LLC Boosts Stake in Bank of America Corporation $BAC

Blue Zone Wealth Advisors LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 12.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,641 shares of the financial services provider’s stock after purchasing an additional 628 shares during the period. Blue Zone Wealth Advisors LLC’s holdings in Bank of America were worth $267,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brucke Financial Inc. increased its position in Bank of America by 5.8% during the second quarter. Brucke Financial Inc. now owns 18,866 shares of the financial services provider’s stock worth $893,000 after purchasing an additional 1,032 shares during the last quarter. Blue Trust Inc. increased its position in Bank of America by 11.0% during the second quarter. Blue Trust Inc. now owns 76,632 shares of the financial services provider’s stock worth $3,626,000 after purchasing an additional 7,613 shares during the last quarter. Cascade Investment Group Inc. acquired a new stake in Bank of America during the second quarter worth about $226,000. Cyndeo Wealth Partners LLC increased its position in 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. Finally, Cardano Risk Management B.V. acquired a new stake in Bank of America during the second quarter worth about $113,372,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.30% of the company’s stock.

Bank of America Trading Down 2.4%

Shares of BAC stock opened at $48.62 on Friday. 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 stock has a market capitalization of $360.12 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33. The company has a 50 day moving average price of $49.61 and a 200 day moving average price of $45.50. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The firm 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 business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.83 earnings per share. Equities research 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 initiated a share repurchase program 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 programs are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Morgan Stanley raised 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, September 29th. 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. UBS Group lifted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday. Evercore ISI lifted their price target on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Finally, Truist Financial lifted their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.64.

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.