Wallace Advisory Group LLC Has $691,000 Stake in Bank of America Co. (NYSE:BAC)

Wallace Advisory Group LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 8.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,366 shares of the financial services provider’s stock after purchasing an additional 1,345 shares during the quarter. Wallace Advisory Group LLC’s holdings in Bank of America were worth $691,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BAC. Brio Consultants LLC bought a new position in Bank of America in the fourth quarter valued at approximately $227,000. Gilbert & Cook Inc. raised its holdings in shares of Bank of America by 4.0% during the fourth quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock worth $585,000 after acquiring an additional 662 shares during the period. Rollins Financial lifted its position in Bank of America by 12.5% in the 4th quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock valued at $14,879,000 after acquiring an additional 48,998 shares in the last quarter. Gryphon Financial Partners LLC boosted its stake in Bank of America by 44.4% in the 4th quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 3,585 shares during the period. Finally, Eagle Asset Management Inc. increased its holdings in Bank of America by 406.6% during the 4th quarter. Eagle Asset Management Inc. now owns 450,261 shares of the financial services provider’s stock worth $15,160,000 after purchasing an additional 361,379 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $39.40 on Monday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The stock has a 50 day moving average of $39.62 and a 200-day moving average of $39.04. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $308.12 billion, a P/E ratio of 13.63, a P/E/G ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America declared that its Board of Directors has approved a stock buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.64%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. Insiders sold a total of 140,942,405 shares of company stock worth $5,785,202,516 over the last quarter. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent research reports. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets raised their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Cfra reiterated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Jefferies Financial Group increased their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America 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.