Matthew Goff Investment Advisor LLC Has $13.47 Million Stock Position in Bank of America Co. (NYSE:BAC)

Matthew Goff Investment Advisor LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 4.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 469,542 shares of the financial services provider’s stock after acquiring an additional 18,636 shares during the period. Bank of America accounts for 3.2% of Matthew Goff Investment Advisor LLC’s portfolio, making the stock its 10th largest position. Matthew Goff Investment Advisor LLC’s holdings in Bank of America were worth $13,468,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Capricorn Fund Managers Ltd grew its stake in Bank of America by 53.4% during the 2nd quarter. Capricorn Fund Managers Ltd now owns 166,581 shares of the financial services provider’s stock worth $4,779,000 after buying an additional 58,005 shares during the last quarter. Royal Fund Management LLC grew its stake in Bank of America by 19.7% during the 2nd quarter. Royal Fund Management LLC now owns 44,694 shares of the financial services provider’s stock valued at $1,282,000 after purchasing an additional 7,342 shares during the last quarter. Ignite Planners LLC grew its stake in Bank of America by 11.7% during the 2nd quarter. Ignite Planners LLC now owns 18,980 shares of the financial services provider’s stock valued at $542,000 after purchasing an additional 1,982 shares during the last quarter. Occidental Asset Management LLC purchased a new stake in Bank of America during the 2nd quarter valued at about $219,000. Finally, Buckley Wealth Management LLC grew its stake in Bank of America by 35.7% during the 2nd quarter. Buckley Wealth Management LLC now owns 51,632 shares of the financial services provider’s stock valued at $1,481,000 after purchasing an additional 13,594 shares during the last quarter. 68.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on BAC. Oppenheimer dropped their price target on Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a research note on Friday, August 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price target on shares of Bank of America in a research note on Tuesday, September 12th. StockNews.com started coverage on Bank of America in a report on Thursday, August 17th. They issued a “hold” rating for the company. Piper Sandler decreased their price objective on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a report on Friday. Finally, HSBC started coverage on Bank of America in a report on Thursday, September 7th. They issued a “buy” rating and a $35.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.98.

Bank of America Price Performance

Shares of Bank of America stock opened at $28.93 on Tuesday. The business has a 50 day simple moving average of $29.98 and a two-hundred day simple moving average of $29.22. Bank of America Co. has a 12 month low of $26.32 and a 12 month high of $38.60. The stock has a market capitalization of $229.89 billion, a P/E ratio of 8.26, a PEG ratio of 1.21 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.83.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping 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 business had revenue of $25.20 billion during the quarter, compared to the consensus estimate of $24.98 billion. During the same period last year, the company earned $0.73 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, analysts predict that Bank of America Co. will post 3.41 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This is an increase 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%. Bank of America’s dividend payout ratio (DPR) is 27.59%.

Insiders Place Their Bets

In related news, insider Dean C. Athanasia sold 77,806 shares of the firm’s 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 directly owns 353,971 shares of the company’s stock, valued at approximately $11,143,007.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction dated 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 completion of 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 filing with the SEC, which is accessible through this hyperlink. Also, insider Dean C. Athanasia sold 77,806 shares of Bank of America stock in a transaction dated Thursday, July 20th. The shares were 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 of the company’s stock, valued at $11,143,007.08. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

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.