Ballast Advisors LLC Grows Stake in Bank of America Corporation $BAC

Ballast Advisors LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 4.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,489 shares of the financial services provider’s stock after purchasing an additional 218 shares during the quarter. Ballast Advisors LLC’s holdings in Bank of America were worth $260,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of BAC. Deutsche Bank AG increased its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Unisphere Establishment increased its holdings in Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in Bank of America during the 2nd quarter worth $164,623,000. Maverick Capital Ltd. purchased a new position in Bank of America during the 1st quarter worth $152,098,000. Finally, AMF Tjanstepension AB increased its holdings in 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.

Analysts Set New Price Targets

Several research analysts have commented on the company. TD Cowen raised their price objective on Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Barclays boosted their target price on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. The Goldman Sachs Group boosted their target price on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. HSBC lifted their price target on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Finally, Truist Financial boosted their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.23.

Bank of America Stock Up 1.3%

NYSE:BAC opened at $52.44 on Friday. 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 stock’s fifty day moving average is $50.58 and its two-hundred day moving average is $46.39. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The stock has a market capitalization of $388.38 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.99 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 EPS for the quarter, topping 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 company had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Bank of America announced that its Board of Directors has initiated a stock repurchase 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 repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on 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 directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

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.