Seizert Capital Partners LLC Raises Position in Bank of America Corporation $BAC

Seizert Capital Partners LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 964,530 shares of the financial services provider’s stock after buying an additional 8,355 shares during the quarter. Bank of America accounts for about 2.0% of Seizert Capital Partners LLC’s portfolio, making the stock its 20th largest position. Seizert Capital Partners LLC’s holdings in Bank of America were worth $45,642,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quaker Wealth Management LLC lifted its stake in shares of Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares during the period. Nova Wealth Management Inc. raised its stake in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new stake in Bank of America during the 2nd quarter worth about $28,000. CGC Financial Services LLC grew its stake in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC acquired a new position in shares of Bank of America in the second quarter valued at about $33,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on BAC. Evercore ISI lifted their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Barclays raised their target price on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. UBS Group increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. HSBC increased their price target on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Finally, Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued 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 target price of $57.86.

Bank of America Trading Up 0.3%

NYSE BAC opened at $51.64 on Wednesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm’s 50-day moving average is $51.70 and its two-hundred day moving average is $48.26. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.69. The stock has a market capitalization of $377.08 billion, a P/E ratio of 14.07, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (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 $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the previous year, the business earned $0.81 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Bank of America announced that its board has initiated a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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.