Berger Financial Group Inc Lowers Holdings in Bank of America Corporation $BAC

Berger Financial Group Inc lowered its holdings in Bank of America Corporation (NYSE:BAC) by 1.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,211 shares of the financial services provider’s stock after selling 254 shares during the quarter. Berger Financial Group Inc’s holdings in Bank of America were worth $672,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Firethorn Wealth Partners LLC raised its holdings in Bank of America by 2.5% in the 2nd quarter. Firethorn Wealth Partners LLC now owns 17,284 shares of the financial services provider’s stock valued at $818,000 after buying an additional 425 shares during the period. Boston Common Asset Management LLC increased its position in shares of Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after acquiring an additional 24,740 shares during the last quarter. Willner & Heller LLC lifted its holdings in shares of Bank of America by 7.3% in the 2nd quarter. Willner & Heller LLC now owns 5,995 shares of the financial services provider’s stock worth $284,000 after acquiring an additional 407 shares during the last quarter. Oak Hill Wealth Advisors LLC lifted its holdings in shares of Bank of America by 4.7% in the 2nd quarter. Oak Hill Wealth Advisors LLC now owns 6,622 shares of the financial services provider’s stock worth $312,000 after acquiring an additional 300 shares during the last quarter. Finally, AMF Tjanstepension AB boosted its position in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after purchasing an additional 3,438,876 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.3%

Shares of NYSE:BAC opened at $50.63 on Monday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm’s 50 day moving average price is $49.37 and its 200 day moving average price is $45.30. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock has a market cap of $374.98 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33.

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

Bank of America announced that its board has authorized a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is currently 32.75%.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on BAC. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a research note on Saturday, September 27th. HSBC increased their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday. Truist Financial lifted their target price 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. TD Cowen increased their price target on shares of Bank of America from $54.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday. Nineteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $53.38.

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.