Lantz Financial LLC Raises Stake in Bank of America Co. (NYSE:BAC)

Lantz Financial LLC increased its stake in Bank of America Co. (NYSE:BAC) by 8.5% during the 2nd quarter, Holdings Channel reports. The firm owned 13,837 shares of the financial services provider’s stock after purchasing an additional 1,085 shares during the quarter. Lantz Financial LLC’s holdings in Bank of America were worth $397,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of BAC. Tanglewood Legacy Advisors LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $26,000. FNY Investment Advisers LLC grew its position in 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 acquiring an additional 397 shares during the last quarter. Castleview Partners LLC bought a new position in Bank of America during the first quarter valued at approximately $28,000. Ahrens Investment Partners LLC bought a new position in Bank of America during the first quarter valued at approximately $31,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in Bank of America during the first quarter valued at approximately $34,000. 68.06% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE:BAC traded up $0.12 on Tuesday, hitting $28.88. The stock had a trading volume of 2,374,088 shares, compared to its average volume of 48,924,297. Bank of America Co. has a 52-week low of $26.32 and a 52-week high of $38.60. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.12. The stock has a market cap of $229.49 billion, a price-to-earnings ratio of 8.26, a price-to-earnings-growth ratio of 1.21 and a beta of 1.37. The business’s 50-day simple moving average is $29.98 and its two-hundred day simple moving average is $29.22.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.04. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The firm had revenue of $25.20 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same period in the previous year, the firm earned $0.73 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, research analysts predict 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. Stockholders of record on Friday, September 1st will be given a dividend of $0.24 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date is Thursday, August 31st. Bank of America’s payout ratio is presently 27.59%.

Insider Buying and Selling

In related news, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total value of $2,364,750.00. Following the transaction, the insider now directly owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total value of $2,364,750.00. Following the transaction, the insider now directly owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Dean C. Athanasia sold 77,806 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $31.48, for a total value of $2,449,332.88. Following the completion of the transaction, the insider now directly owns 353,971 shares in the company, valued at $11,143,007.08. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BAC. Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price target on shares of Bank of America in a research report on Tuesday, September 12th. BMO Capital Markets dropped their price objective on Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. StockNews.com started coverage on Bank of America in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Piper Sandler dropped their price target on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research note on Friday. Finally, Wells Fargo & Company decreased their price objective on Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, August 23rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.98.

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. 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.