Beacon Pointe Advisors LLC Boosts Stock Holdings in Bank of America Corporation $BAC

Beacon Pointe Advisors LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 485,540 shares of the financial services provider’s stock after purchasing an additional 9,851 shares during the period. Beacon Pointe Advisors LLC’s holdings in Bank of America were worth $22,976,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in shares of Bank of America by 0.3% in the second quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after acquiring an additional 403,652 shares during the period. Norges Bank purchased a new stake in Bank of America during the 2nd quarter worth about $5,091,641,000. Fisher Asset Management LLC boosted its stake in Bank of America by 5.2% in the 2nd quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock worth $2,432,516,000 after purchasing an additional 2,557,943 shares during the period. Deutsche Bank AG grew its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Finally, Amundi increased its position in shares of Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after buying an additional 1,413,313 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.8%

BAC stock opened at $53.24 on Tuesday. Bank of America Corporation has a one year low of $33.06 and a one year high of $54.69. The company has a market capitalization of $388.76 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The company’s 50 day moving average price is $51.92 and its two-hundred day moving average price is $48.89. 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 issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Analysts Set New Price Targets

A number of research firms have recently commented on BAC. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Oppenheimer cut their price target on shares of Bank of America from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, November 19th. Citigroup upped their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, TD Cowen boosted their target price on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

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.