4,451 Shares in Bank of America Corporation $BAC Acquired by Spectrum Asset Management Inc. NB CA

Spectrum Asset Management Inc. NB CA purchased a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, HoldingsChannel reports. The fund purchased 4,451 shares of the financial services provider’s stock, valued at approximately $211,000.

Several other hedge funds have also recently bought and sold shares of the stock. Proffitt & Goodson Inc. boosted its stake in shares of Bank of America by 2.0% in the 2nd quarter. Proffitt & Goodson Inc. now owns 33,592 shares of the financial services provider’s stock valued at $1,590,000 after purchasing an additional 658 shares in the last quarter. REAP Financial Group LLC boosted its position in Bank of America by 50.7% in the second quarter. REAP Financial Group LLC now owns 4,928 shares of the financial services provider’s stock valued at $233,000 after buying an additional 1,657 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Bank of America by 17.0% during the second quarter. Venturi Wealth Management LLC now owns 32,698 shares of the financial services provider’s stock worth $1,547,000 after buying an additional 4,756 shares during the last quarter. SGL Investment Advisors Inc. increased its holdings in shares of Bank of America by 11.2% during the second quarter. SGL Investment Advisors Inc. now owns 7,995 shares of the financial services provider’s stock worth $377,000 after buying an additional 807 shares in the last quarter. Finally, Shell Asset Management Co. grew its position in Bank of America by 119.4% during the 2nd quarter. Shell Asset Management Co. now owns 98,670 shares of the financial services provider’s stock worth $4,669,000 after acquiring an additional 53,703 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Bank of America 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 transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a 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

Several equities analysts have issued reports on BAC shares. Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Wolfe Research lifted their price target on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a report on Saturday, September 27th. Evercore ISI boosted their target price on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Finally, UBS Group increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday. Twenty analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $53.93.

Bank of America Stock Down 0.3%

Shares of NYSE:BAC opened at $50.22 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market cap of $371.95 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.96 and a beta of 1.33. The company has a 50 day moving average of $49.46 and a 200-day moving average of $45.39. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.83 earnings per share. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio is currently 32.75%.

About Bank of America

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.