17 Capital Partners LLC Raises Holdings in Bank of America Corporation $BAC

17 Capital Partners LLC raised its position in Bank of America Corporation (NYSE:BAC) by 30.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 6,857 shares of the financial services provider’s stock after purchasing an additional 1,590 shares during the period. 17 Capital Partners LLC’s holdings in Bank of America were worth $324,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Nova Wealth Management Inc. boosted 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 worth $25,000 after acquiring an additional 227 shares during the last quarter. Quaker Wealth Management LLC raised its holdings in 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. RMG Wealth Management LLC acquired a new stake in Bank of America in the 2nd quarter valued at about $28,000. CGC Financial Services LLC lifted its stake in 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 in the last quarter. Finally, Acima Private Wealth LLC acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.8%

Shares of NYSE:BAC opened at $52.04 on Thursday. The company has a market capitalization of $379.99 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69. The business has a 50-day moving average price of $51.73 and a 200 day moving average price of $48.29. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. 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 (DPR) is presently 30.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BAC shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $58.00 price target (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Evercore ISI lifted their price target on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. UBS Group boosted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Seaport Global Securities upped their price objective 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, Robert W. Baird lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

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.