Twin Capital Management Inc. Acquires 19,921 Shares of Bank of America Corporation $BAC

Twin Capital Management Inc. boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 79.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 44,860 shares of the financial services provider’s stock after acquiring an additional 19,921 shares during the period. Twin Capital Management Inc.’s holdings in Bank of America were worth $2,123,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in BAC. Brighton Jones LLC raised its position in shares of 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 valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Trek Financial LLC increased its stake in Bank of America by 13.6% in the first quarter. Trek Financial LLC now owns 12,807 shares of the financial services provider’s stock valued at $534,000 after purchasing an additional 1,534 shares in the last quarter. Greenleaf Trust boosted its position in shares of Bank of America by 3.2% during the first quarter. Greenleaf Trust now owns 156,145 shares of the financial services provider’s stock worth $6,516,000 after purchasing an additional 4,799 shares in the last quarter. Dogwood Wealth Management LLC grew its holdings in shares of Bank of America by 7.4% in the 1st quarter. Dogwood Wealth Management LLC now owns 16,002 shares of the financial services provider’s stock valued at $668,000 after buying an additional 1,107 shares during the period. Finally, Cornerstone Planning Group LLC raised its stake in Bank of America by 55.7% during the 1st quarter. Cornerstone Planning Group LLC now owns 2,805 shares of the financial services provider’s stock worth $109,000 after buying an additional 1,004 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 2.1%

NYSE BAC opened at $52.44 on Thursday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.99. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a 50 day moving average of $51.22 and a 200-day moving average of $47.35. The company has a market cap of $382.94 billion, a PE ratio of 14.29, a PEG ratio of 1.99 and a beta of 1.34.

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

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

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Analyst Ratings Changes

A number of research firms have issued reports on BAC. Truist Financial boosted their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Barclays increased their price objective on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Morgan Stanley boosted their target price on Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Finally, Robert W. Baird raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.