Maltin Wealth Management Inc. increased its stake in Bank of America Co. (NYSE:BAC) by 315.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,189 shares of the financial services provider’s stock after buying an additional 22,158 shares during the quarter. Maltin Wealth Management Inc.’s holdings in Bank of America were worth $837,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the company. Tanglewood Legacy Advisors LLC bought a new position in Bank of America during the 4th quarter valued at about $26,000. FNY Investment Advisers LLC grew its stake in shares of Bank of America by 75.9% during the second quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock valued at $26,000 after buying an additional 397 shares during the last quarter. Castleview Partners LLC purchased a new stake in shares of Bank of America in the first quarter worth approximately $28,000. Grey Fox Wealth Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter worth approximately $35,000. Finally, Ahrens Investment Partners LLC purchased a new position in Bank of America during the 1st quarter valued at $31,000. Institutional investors own 68.06% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on BAC shares. StockNews.com initiated coverage on Bank of America in a research report on Thursday, August 17th. They set a “hold” rating for the company. Morgan Stanley boosted their price objective on shares of Bank of America from $32.00 to $33.00 in a research report on Friday, July 7th. HSBC initiated coverage on shares of Bank of America in a research report on Thursday, September 7th. They set a “buy” rating and a $35.00 target price on the stock. BMO Capital Markets decreased their target price on Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Finally, Piper Sandler dropped their price target on Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and a consensus price target of $35.98.
Insiders Place Their Bets
In other news, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the sale, the insider now directly owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Dean C. Athanasia sold 77,806 shares of Bank of America stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the sale, the insider now owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total value of $2,364,750.00. Following the completion of the sale, the insider now owns 185,108 shares in the company, valued at approximately $5,836,455.24. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.
Bank of America Stock Down 0.6 %
NYSE BAC traded down $0.18 on Monday, hitting $28.66. The stock had a trading volume of 6,414,267 shares, compared to its average volume of 49,071,332. Bank of America Co. has a 52-week low of $26.32 and a 52-week high of $38.60. The business’s fifty day moving average price is $29.98 and its 200 day moving average price is $29.22. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market cap of $227.74 billion, a price-to-earnings ratio of 8.24, a price-to-earnings-growth ratio of 1.22 and a beta of 1.37.
Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.04. The firm had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $24.98 billion. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.73 EPS. Equities research analysts anticipate that Bank of America Co. will post 3.41 earnings per share for the current year.
Bank of America Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a $0.24 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Thursday, August 31st. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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