Wintrust Investments LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 79,263 shares of the financial services provider’s stock, valued at approximately $3,268,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Robbins Farley LLC bought a new position in Bank of America during the first quarter valued at $25,000. Newton One Investments LLC purchased a new position in shares of Bank of America during the 2nd quarter worth about $29,000. Cowen Prime Advisors LLC bought a new position in Bank of America during the 2nd quarter valued at about $31,000. Ritter Daniher Financial Advisory LLC raised its position in Bank of America by 156.7% in the 1st quarter. Ritter Daniher Financial Advisory LLC now owns 819 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 500 shares during the period. Finally, Sage Financial Management Group Inc. bought a new stake in Bank of America in the first quarter worth about $33,000. Institutional investors own 70.71% of the company’s stock.
A number of equities research analysts recently issued reports on BAC shares. Truist Securities began coverage on Bank of America in a research note on Wednesday, June 2nd. They set a “buy” rating for the company. Morgan Stanley lifted their target price on Bank of America from $38.00 to $42.00 and gave the stock an “underweight” rating in a research report on Thursday, July 29th. Credit Suisse Group upped their price target on shares of Bank of America from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Friday, July 16th. Keefe, Bruyette & Woods assumed coverage on shares of Bank of America in a report on Wednesday, July 7th. They set a “market perform” rating and a $43.87 price objective for the company. Finally, Truist began coverage on shares of Bank of America in a research note on Wednesday, June 2nd. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $40.42.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 14th. The financial services provider reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.26. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The business had revenue of $21.50 billion during the quarter, compared to analyst estimates of $21.77 billion. During the same period in the prior year, the firm posted $0.37 earnings per share. The company’s quarterly revenue was down 3.6% on a year-over-year basis. On average, equities analysts forecast that Bank of America Co. will post 3.34 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 24th. Shareholders of record on Friday, September 3rd will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.09%. This is an increase from Bank of America’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, September 2nd. Bank of America’s dividend payout ratio (DPR) is 38.50%.
In other news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the company’s stock in a transaction on Friday, August 6th. The stock was sold at an average price of $39.98, for a total transaction of $3,198,400.00. Following the transaction, the insider now directly owns 337,006 shares of the company’s stock, valued at $13,473,499.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.22% of the stock is currently owned by insiders.
About Bank of America
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.
Featured Article: Quick Ratio
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.