AE Wealth Management LLC Purchases 70,109 Shares of Bank of America Corporation $BAC

AE Wealth Management LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 8.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 861,335 shares of the financial services provider’s stock after buying an additional 70,109 shares during the quarter. AE Wealth Management LLC’s holdings in Bank of America were worth $40,758,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Quaker Wealth Management LLC lifted its holdings in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares during the last quarter. Nova Wealth Management Inc. raised its position in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at approximately $28,000. CGC Financial Services LLC boosted its holdings in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Finally, Acima Private Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter valued at approximately $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.1%

NYSE:BAC opened at $53.22 on Friday. The stock has a market capitalization of $388.62 billion, a price-to-earnings ratio of 14.50, a PEG 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 $53.99. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a 50 day moving average of $51.33 and a 200 day moving average of $47.51.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share 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 $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter last year, the company earned $0.81 earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Barclays raised their price target on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Evercore ISI upped their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Seaport Global Securities lifted their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Finally, Erste Group Bank upgraded shares of 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 given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

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.