Inspirion Wealth Advisors LLC Has $960,000 Stake in Bank of America Corporation $BAC

Inspirion Wealth Advisors LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 108.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,601 shares of the financial services provider’s stock after acquiring an additional 9,673 shares during the quarter. Inspirion Wealth Advisors LLC’s holdings in Bank of America were worth $960,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Wealth Advisory Solutions LLC boosted its stake in Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares in the last quarter. Ballast Advisors LLC raised its holdings in shares of Bank of America by 4.1% in the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after buying an additional 218 shares during the last quarter. AllSquare Wealth Management LLC lifted its position in Bank of America by 1.0% during the 2nd quarter. AllSquare Wealth Management LLC now owns 23,072 shares of the financial services provider’s stock worth $1,092,000 after buying an additional 220 shares in the last quarter. Cyndeo Wealth Partners LLC grew its holdings in Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after acquiring an additional 221 shares during the last quarter. Finally, Wealth Preservation Advisors LLC increased its position in Bank of America by 48.7% in the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 223 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Bank of America stock opened at $55.36 on Tuesday. The firm has a market capitalization of $404.28 billion, a P/E ratio of 15.09 and a beta of 1.30. The business has a 50-day moving average of $52.49 and a 200-day moving average of $49.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $56.07.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share 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 business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter last year, the firm earned $0.81 EPS. Bank of America’s quarterly 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America’s payout ratio is 30.52%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Robert W. Baird raised their price target on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Piper Sandler upped their target price on shares of Bank of America from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

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.