Fire Capital Management LLC Acquires 910 Shares of Bank of America Corporation $BAC

Fire Capital Management LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 9.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,726 shares of the financial services provider’s stock after acquiring an additional 910 shares during the quarter. Fire Capital Management LLC’s holdings in Bank of America were worth $508,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Nova Wealth Management Inc. lifted its position 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 acquiring an additional 227 shares in the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America during the 2nd quarter valued at $28,000. CGC Financial Services LLC lifted its holdings in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Acima Private Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter valued at $33,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America during the 1st quarter valued at $40,000. 70.71% of the stock is owned by institutional investors.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The stock was 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 in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $52.85 on Wednesday. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.28. The stock’s fifty day moving average is $50.77 and its 200 day moving average is $46.68. The stock has a market cap of $391.42 billion, a P/E ratio of 14.40, a P/E/G ratio of 2.01 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its 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 last year, the firm earned $0.81 EPS. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. Sell-side analysts anticipate 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 initiated a share buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The firm 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 $0.28 dividend. 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 presently 30.52%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. Oppenheimer increased their price target on Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. HSBC increased their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. TD Cowen increased their price target on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Piper Sandler increased their price target on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, October 16th. Finally, Citigroup increased their price target on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $57.27.

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.