Citizens Business Bank Purchases 5,929 Shares of Bank of America Corporation $BAC

Citizens Business Bank raised its position in shares of Bank of America Corporation (NYSE:BAC) by 4.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 136,074 shares of the financial services provider’s stock after purchasing an additional 5,929 shares during the period. Bank of America accounts for approximately 1.3% of Citizens Business Bank’s portfolio, making the stock its 21st largest holding. Citizens Business Bank’s holdings in Bank of America were worth $6,439,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Brighton Jones LLC boosted its holdings in shares of Bank of America by 30.0% in the fourth 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 during the period. GAMMA Investing LLC boosted its holdings in shares of Bank of America by 8.2% in the first 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 during the period. Exchange Traded Concepts LLC boosted its holdings in shares of Bank of America by 64.9% in the first 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 during the period. Boston Trust Walden Corp boosted its holdings in shares of Bank of America by 7.5% in the first quarter. Boston Trust Walden Corp now owns 42,162 shares of the financial services provider’s stock worth $1,759,000 after acquiring an additional 2,954 shares during the period. Finally, ORG Wealth Partners LLC bought a new position in shares of Bank of America in the first quarter worth $92,000. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a report on Wednesday, October 8th. Wells Fargo & Company raised their price target on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Truist Financial raised their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Morgan Stanley raised their price target on Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.76.

Bank of America Trading Up 1.7%

NYSE BAC opened at $51.28 on Friday. The stock’s 50-day simple moving average is $50.11 and its two-hundred day simple moving average is $45.79. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $379.83 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.93 and a beta of 1.33.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date was Friday, September 5th. This is a positive change 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%. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Bank of America declared that its board has approved a stock buyback program 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 buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

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 sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

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.