Stance Capital LLC Makes New Investment in Bank of America Corporation $BAC

by · The Cerbat Gem

Stance Capital LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 17,439 shares of the financial services provider’s stock, valued at approximately $825,000.

Other institutional investors have also recently bought and sold shares of the company. Wealth Advisory Solutions LLC grew its stake in shares of Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after buying an additional 214 shares during the period. Ballast Advisors LLC raised its position in shares of Bank of America by 4.1% in the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after buying an additional 218 shares during the period. AllSquare Wealth Management LLC boosted its holdings in Bank of America by 1.0% in the second quarter. AllSquare Wealth Management LLC now owns 23,072 shares of the financial services provider’s stock valued at $1,092,000 after acquiring an additional 220 shares during the last quarter. Cyndeo Wealth Partners LLC grew its position in Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after acquiring an additional 221 shares during the period. Finally, Wealth Preservation Advisors LLC increased its stake in Bank of America by 48.7% during the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 223 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $55.14 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm’s fifty day moving average price is $52.39 and its 200 day moving average price is $49.53. The company has a market capitalization of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $55.30.

Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.81 earnings per share. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Royal Bank Of Canada lifted their price target on shares of Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Friday. Daiwa Capital Markets increased their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Wolfe Research lifted their target price on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Finally, Robert W. Baird upped their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Twenty-three investment 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

View Our Latest Research Report on Bank of America

About Bank of America

(Free Report)

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.

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