Hutchinson Financial Advisors INC Purchases Shares of 32,701 Bank of America Corporation $BAC

Hutchinson Financial Advisors INC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 32,701 shares of the financial services provider’s stock, valued at approximately $1,547,000. Bank of America comprises about 0.6% of Hutchinson Financial Advisors INC’s investment portfolio, making the stock its 26th biggest position.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Syverson Strege & Co bought a new position in shares of Bank of America in the second quarter worth $744,000. Great Lakes Retirement Inc. grew its position in Bank of America by 1.3% in the second quarter. Great Lakes Retirement Inc. now owns 238,774 shares of the financial services provider’s stock valued at $11,299,000 after acquiring an additional 3,171 shares during the last quarter. Bridgewealth Advisory Group LLC bought a new position in Bank of America in the second quarter valued at about $1,877,000. GAM Holding AG bought a new stake in shares of Bank of America during the second quarter worth about $1,292,000. Finally, Linscomb Wealth Inc. grew its holdings in shares of Bank of America by 1.6% during the second quarter. Linscomb Wealth Inc. now owns 309,736 shares of the financial services provider’s stock worth $14,657,000 after purchasing an additional 5,012 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $53.55 on Friday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.64. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business’s 50 day moving average price is $51.03 and its two-hundred day moving average price is $46.96. The firm has a market cap of $396.63 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. The company’s revenue was up 10.8% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

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. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is 30.52%.

Analyst Ratings Changes

BAC has been the topic of several research reports. Daiwa Capital Markets boosted their price target on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price target on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Friday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $58.00 price objective (up from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Morgan Stanley lifted their price objective on Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $57.59.

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.