Advisor OS LLC Has $1.85 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Advisor OS LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 5.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 46,578 shares of the financial services provider’s stock after purchasing an additional 2,309 shares during the quarter. Advisor OS LLC’s holdings in Bank of America were worth $1,852,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Savant Capital LLC raised its holdings in shares of Bank of America by 23.1% during the second quarter. Savant Capital LLC now owns 361,162 shares of the financial services provider’s stock valued at $14,363,000 after acquiring an additional 67,735 shares during the period. Addison Advisors LLC grew its holdings in shares of Bank of America by 5.7% during the second quarter. Addison Advisors LLC now owns 15,756 shares of the financial services provider’s stock valued at $627,000 after buying an additional 849 shares in the last quarter. Wellington Shields Capital Management LLC grew its holdings in shares of Bank of America by 1.1% during the second quarter. Wellington Shields Capital Management LLC now owns 47,557 shares of the financial services provider’s stock valued at $1,891,000 after buying an additional 537 shares in the last quarter. Blue Barn Wealth LLC raised its position in Bank of America by 5.5% during the second quarter. Blue Barn Wealth LLC now owns 8,325 shares of the financial services provider’s stock valued at $331,000 after buying an additional 432 shares during the period. Finally, Arizona State Retirement System lifted its stake in Bank of America by 0.7% in the 2nd quarter. Arizona State Retirement System now owns 2,058,789 shares of the financial services provider’s stock worth $81,878,000 after acquiring an additional 14,912 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Barclays lifted their target price on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Morgan Stanley upped their price target on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, BMO Capital Markets raised their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Trading Down 3.4 %

Bank of America stock opened at $38.78 on Friday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $303.27 billion, a PE ratio of 13.42, a PEG ratio of 1.46 and a beta of 1.35. The business’s 50-day simple moving average is $40.30 and its 200-day simple moving average is $38.49.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the previous year, the business posted $0.88 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.68%. Bank of America’s dividend payout ratio is 35.99%.

Bank of America declared that its board has initiated a stock buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders have sold 112,670,620 shares of company stock worth $4,651,681,930 in the last ninety days. Insiders own 0.29% of the company’s stock.

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.