Stillwater Capital Advisors LLC boosted its stake in Bank of America Corp (NYSE:BAC) by 0.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 324,151 shares of the financial services provider’s stock after acquiring an additional 1,870 shares during the period. Bank of America comprises approximately 2.4% of Stillwater Capital Advisors LLC’s portfolio, making the stock its 22nd largest position. Stillwater Capital Advisors LLC’s holdings in Bank of America were worth $9,455,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Larson Financial Group LLC raised its holdings in shares of Bank of America by 195.6% in the third quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after buying an additional 880 shares during the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Bank of America by 120.6% in the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after buying an additional 814 shares during the last quarter. WealthStone Inc. purchased a new stake in shares of Bank of America in the second quarter valued at about $49,000. Ellevest Inc. purchased a new stake in shares of Bank of America in the second quarter valued at about $60,000. Finally, Intercontinental Wealth Advisors LLC raised its holdings in shares of Bank of America by 39.2% in the third quarter. Intercontinental Wealth Advisors LLC now owns 2,132 shares of the financial services provider’s stock valued at $62,000 after buying an additional 600 shares during the last quarter. 68.48% of the stock is owned by hedge funds and other institutional investors.
Shares of Bank of America stock traded up $0.71 on Friday, reaching $29.17. 44,518,507 shares of the stock were exchanged, compared to its average volume of 57,443,616. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $31.17. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The business has a fifty day moving average price of $28.40 and a two-hundred day moving average price of $28.71. The firm has a market capitalization of $271.38 billion, a PE ratio of 11.17, a PEG ratio of 1.13 and a beta of 1.60.
Bank of America declared that its Board of Directors has authorized a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, September 5th. Bank of America’s payout ratio is 27.59%.
In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.17% of the company’s stock.
A number of equities research analysts have recently commented on BAC shares. JPMorgan Chase & Co. reduced their target price on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating for the company in a report on Thursday. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a report on Monday, June 17th. Raymond James cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Morgan Stanley reduced their target price on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, October 4th. Finally, Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $32.32.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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