IHT Wealth Management LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

IHT Wealth Management LLC raised its stake in shares of Bank of America Co. (NYSE:BAC – Get Rating) by 10.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 52,089 shares of the financial services provider’s stock after acquiring an additional 4,853 shares during the period. IHT Wealth Management LLC’s holdings in Bank of America were worth $1,573,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Kavar Capital Partners Group LLC raised its holdings in Bank of America by 1.7% during the second quarter. Kavar Capital Partners Group LLC now owns 16,611 shares of the financial services provider’s stock worth $517,000 after purchasing an additional 276 shares in the last quarter. Sage Mountain Advisors LLC grew its position in Bank of America by 3.3% in the third quarter. Sage Mountain Advisors LLC now owns 8,895 shares of the financial services provider’s stock worth $269,000 after buying an additional 281 shares during the last quarter. Annapolis Financial Services LLC grew its position in Bank of America by 2.2% in the third quarter. Annapolis Financial Services LLC now owns 13,785 shares of the financial services provider’s stock worth $416,000 after buying an additional 292 shares during the last quarter. Leisure Capital Management grew its position in Bank of America by 1.5% in the third quarter. Leisure Capital Management now owns 20,055 shares of the financial services provider’s stock worth $606,000 after buying an additional 292 shares during the last quarter. Finally, Lowe Brockenbrough & Co. Inc. grew its position in Bank of America by 1.1% in the third quarter. Lowe Brockenbrough & Co. Inc. now owns 26,888 shares of the financial services provider’s stock worth $812,000 after buying an additional 300 shares during the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BAC. Morgan Stanley decreased their price target on shares of Bank of America from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 15th. Piper Sandler lowered shares of Bank of America from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $36.00 to $33.00 in a research report on Tuesday, January 17th. Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 price target on the stock. in a research report on Tuesday, January 31st. Oppenheimer lifted their price objective on shares of Bank of America from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Finally, Keefe, Bruyette & Woods cut shares of Bank of America from a “market perform” rating to an “underperform” rating and lowered their price objective for the stock from $35.00 to $33.00 in a research report on Wednesday, February 8th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and an average target price of $40.16.

Bank of America Trading Up 1.7 %

Bank of America stock opened at $28.97 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 1.13. Bank of America Co. has a 12 month low of $27.68 and a 12 month high of $44.63. The company’s fifty day simple moving average is $34.15 and its 200-day simple moving average is $34.11. The stock has a market cap of $231.87 billion, a P/E ratio of 9.08, a P/E/G ratio of 1.20 and a beta of 1.40.

Bank of America (NYSE:BAC – Get Rating) last released its quarterly earnings data on Friday, January 13th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.09. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The business had revenue of $24.50 billion during the quarter, compared to analyst estimates of $24.17 billion. During the same quarter in the previous year, the business earned $0.82 EPS. Bank of America’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.38 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 3rd will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend is Thursday, March 2nd. Bank of America’s payout ratio is presently 27.59%.

Insider Activity at Bank of America

In related news, insider Matthew M. Koder sold 214,745 shares of Bank of America stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total value of $7,711,492.95. Following the completion of the sale, the insider now owns 214,747 shares of the company’s stock, valued at approximately $7,711,564.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Bank of America news, insider Matthew M. Koder sold 214,745 shares of the business’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total transaction of $7,711,492.95. Following the completion of the transaction, the insider now owns 214,747 shares of the company’s stock, valued at approximately $7,711,564.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Matthew M. Koder sold 105,054 shares of the business’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $34.27, for a total transaction of $3,600,200.58. Following the transaction, the insider now directly owns 319,803 shares of the company’s stock, valued at approximately $10,959,648.81. The disclosure for this sale can be found here. 0.27% of the stock is owned by company insiders.

Bank of America Company Profile

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.