Beacon Pointe Advisors LLC Purchases 9,851 Shares of Bank of America Corporation $BAC

Beacon Pointe Advisors LLC grew its position in shares of Bank of America Corporation (NYSE:BAC) by 2.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 485,540 shares of the financial services provider’s stock after acquiring an additional 9,851 shares during the period. Beacon Pointe Advisors LLC’s holdings in Bank of America were worth $22,976,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Nova Wealth Management Inc. raised its position in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC increased its stake in shares of Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the period. RMG Wealth Management LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $28,000. CGC Financial Services LLC lifted its stake in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 521 shares during the period. Finally, Acima Private Wealth LLC bought a new stake in Bank of America in the second quarter valued at $33,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. TD Cowen upped their price objective on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Barclays increased their price target on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Truist Financial increased their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Seaport Global Securities lifted their price target on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $57.77.

Bank of America Price Performance

BAC opened at $53.24 on Tuesday. The firm has a market cap of $388.76 billion, a PE ratio of 14.51, a P/E/G ratio of 1.99 and a beta of 1.34. The stock has a 50-day moving average price of $51.92 and a 200-day moving average price of $48.89. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

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, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business earned $0.81 EPS. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio is 30.52%.

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.