Panoramic Capital Partners LLC Invests $216,000 in Bank of America Corporation $BAC

Panoramic Capital Partners LLC acquired a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,414 shares of the financial services provider’s stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Nicholas Hoffman & Company LLC. boosted its holdings in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares during the period. Prosperity Wealth Management Inc. purchased a new stake in shares of Bank of America in the first quarter worth $998,000. Alpha Cubed Investments LLC boosted its stake in Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after buying an additional 17,619 shares during the period. International Assets Investment Management LLC grew its position in Bank of America by 170.5% during the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock worth $9,951,000 after buying an additional 150,299 shares in the last quarter. Finally, Commerce Bank increased its stake in Bank of America by 2.3% in the 1st quarter. Commerce Bank now owns 1,124,755 shares of the financial services provider’s stock worth $46,936,000 after acquiring an additional 25,618 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BAC shares. Truist Financial lifted their price target on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, June 30th. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Finally, Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $52.63.

Bank of America Stock Down 1.6%

BAC opened at $51.58 on Wednesday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The business’s 50-day moving average price is $49.24 and its 200-day moving average price is $45.09. The company has a market cap of $382.05 billion, a P/E ratio of 15.08, a P/E/G ratio of 2.03 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.83 EPS. On average, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Bank of America declared that its Board of Directors has approved a stock repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by insiders.

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.