Maripau Wealth Management LLC Invests $244,000 in Bank of America Corporation $BAC

Maripau Wealth Management LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, Holdings Channel reports. The fund purchased 5,148 shares of the financial services provider’s stock, valued at approximately $244,000.

Several other large investors have also recently added to or reduced their stakes in BAC. Wealth Advisory Solutions LLC grew its position in Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares during the last quarter. Ballast Advisors LLC raised its position in Bank of America by 4.1% in the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after purchasing an additional 218 shares during the last quarter. Cyndeo Wealth Partners LLC boosted its stake in Bank of America by 0.8% in 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 in the last quarter. Centurion Wealth Management LLC grew its holdings in shares of Bank of America by 2.3% during 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. Finally, Nova Wealth Management Inc. increased its stake 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 valued at $25,000 after buying an additional 227 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Oppenheimer reduced their price target on shares of Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. HSBC boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Seaport Global Securities raised their price target on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Price Performance

BAC opened at $51.89 on Tuesday. The company has a fifty day moving average price of $51.78 and a two-hundred day moving average price of $48.56. The firm has a market capitalization of $378.93 billion, a PE ratio of 14.14, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current 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 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period last year, the company earned $0.81 EPS. The firm’s revenue was up 10.8% on a year-over-year basis. As a group, 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. Stockholders of record on Friday, December 5th will be paid 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 dividend yield of 2.2%. Bank of America’s dividend payout ratio is 30.52%.

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.