Modera Wealth Management LLC Acquires 3,255 Shares of Bank of America Corporation $BAC

Modera Wealth Management LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 4.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 85,269 shares of the financial services provider’s stock after buying an additional 3,255 shares during the period. Modera Wealth Management LLC’s holdings in Bank of America were worth $4,035,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of BAC. Deutsche Bank AG grew 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 acquiring an additional 14,960,086 shares in the last quarter. Unisphere Establishment lifted its holdings in shares of Bank of America by 1,642.5% during the first 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 acquired a new stake in shares of Bank of America during the 2nd quarter valued at about $164,623,000. Maverick Capital Ltd. purchased a new position in Bank of America during the first quarter worth approximately $152,098,000. Finally, AMF Tjanstepension AB increased its position in shares of Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after buying an additional 3,438,876 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on BAC. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Morgan Stanley boosted their target price on Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday. UBS Group raised their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Wells Fargo & Company lifted their target price on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Price Performance

NYSE:BAC opened at $53.22 on Friday. The stock has a 50 day moving average price of $51.33 and a 200 day moving average price of $47.51. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.99. 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 stock has a market cap of $388.62 billion, a PE ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the previous year, the business posted $0.81 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

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

About Bank of America

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.