Bank of America Corporation $BAC Shares Purchased by WealthPlan Investment Management LLC

WealthPlan Investment Management LLC lifted its position in Bank of America Corporation (NYSE:BAC) by 11.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,356 shares of the financial services provider’s stock after purchasing an additional 1,414 shares during the period. WealthPlan Investment Management LLC’s holdings in Bank of America were worth $632,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in BAC. Brighton Jones LLC increased its holdings in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. GAMMA Investing LLC increased its holdings in Bank of America by 8.2% in the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock worth $4,654,000 after acquiring an additional 8,435 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Bank of America by 64.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 5,534 shares of the financial services provider’s stock worth $231,000 after acquiring an additional 2,179 shares in the last quarter. Community Bank N.A. increased its holdings in Bank of America by 3.9% in the 1st quarter. Community Bank N.A. now owns 17,371 shares of the financial services provider’s stock worth $725,000 after acquiring an additional 659 shares in the last quarter. Finally, Centennial Wealth Advisory LLC increased its holdings in Bank of America by 7.1% in the 1st quarter. Centennial Wealth Advisory LLC now owns 6,761 shares of the financial services provider’s stock worth $282,000 after acquiring an additional 449 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Trading Down 3.6%

Shares of BAC opened at $50.38 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The firm has a 50-day moving average price of $50.00 and a 200 day moving average price of $45.73. The firm has a market capitalization of $373.16 billion, a P/E ratio of 13.73, a P/E/G ratio of 2.01 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has approved a share buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The company 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 an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

Analyst Ratings Changes

Several equities research analysts recently commented on BAC shares. Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Saturday, October 11th. UBS Group upped their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Wells Fargo & Company upped their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 target price (up previously from $57.00) on shares of Bank of America in a report on Thursday. Finally, TD Cowen upped their target price on shares of Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $56.18.

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.