Caliber Wealth Management LLC KS Increases Position in Bank of America Corporation $BAC

Caliber Wealth Management LLC KS grew its stake in Bank of America Corporation (NYSE:BAC) by 10.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,685 shares of the financial services provider’s stock after acquiring an additional 1,700 shares during the quarter. Caliber Wealth Management LLC KS’s holdings in Bank of America were worth $837,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. BlueChip Wealth Advisors LLC grew its stake in Bank of America by 4.9% during the 2nd quarter. BlueChip Wealth Advisors LLC now owns 8,803 shares of the financial services provider’s stock worth $417,000 after buying an additional 414 shares during the last quarter. Rehmann Capital Advisory Group lifted its holdings in shares of Bank of America by 10.0% during the second quarter. Rehmann Capital Advisory Group now owns 54,929 shares of the financial services provider’s stock worth $2,599,000 after purchasing an additional 4,980 shares during the period. Parcion Private Wealth LLC boosted its stake in shares of Bank of America by 1.3% in the second quarter. Parcion Private Wealth LLC now owns 79,480 shares of the financial services provider’s stock worth $3,761,000 after buying an additional 1,032 shares during the last quarter. Adams Diversified Equity Fund Inc. boosted its stake in shares of Bank of America by 9.7% in the second quarter. Adams Diversified Equity Fund Inc. now owns 930,868 shares of the financial services provider’s stock worth $44,049,000 after buying an additional 82,600 shares during the last quarter. Finally, Patten Group Inc. boosted its stake in shares of Bank of America by 531.6% in the second quarter. Patten Group Inc. now owns 63,782 shares of the financial services provider’s stock worth $3,018,000 after buying an additional 53,684 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of Bank of America stock opened at $51.05 on Thursday. The business has a 50 day simple moving average of $50.38 and a two-hundred day simple moving average of $46.08. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The stock has a market capitalization of $378.09 billion, a P/E ratio of 13.91, a PEG ratio of 1.95 and a beta of 1.33. 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 posted its quarterly earnings results 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. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BAC shares. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday. Deutsche Bank Aktiengesellschaft upped their target price on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Wells Fargo & Company upped their target price on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Morgan Stanley increased their price target on Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $57.23.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred 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 approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

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.