JFS Wealth Advisors LLC Purchases 2,144 Shares of Bank of America Corporation $BAC

JFS Wealth Advisors LLC raised its position in Bank of America Corporation (NYSE:BAC) by 11.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,892 shares of the financial services provider’s stock after purchasing an additional 2,144 shares during the period. JFS Wealth Advisors LLC’s holdings in Bank of America were worth $989,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of BAC. Nova Wealth Management Inc. boosted its holdings in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $28,000. Cloud Capital Management LLC purchased a new position in Bank of America in the 1st quarter worth approximately $40,000. HighMark Wealth Management LLC grew its stake in Bank of America by 233.6% in the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after buying an additional 743 shares in the last quarter. Finally, Highline Wealth Partners LLC grew its stake in Bank of America by 37.1% in the 1st quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock worth $48,000 after buying an additional 313 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling

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 owned by corporate insiders.

Bank of America Trading Down 2.4%

Shares of BAC opened at $48.62 on Friday. The firm has a market cap of $360.12 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.93 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm has a 50 day moving average price of $49.61 and a 200-day moving average price of $45.50.

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 for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates 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 quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.83 EPS. As a group, equities research 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 has approved a share buyback 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 repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Evercore ISI boosted their price target 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. Seaport Global Securities boosted their price target on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Wolfe Research boosted their price target on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, TD Cowen boosted 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 note on Friday, October 3rd. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.64.

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.