Bank of America Co. (NYSE:BAC) Shares Acquired by Aprio Wealth Management LLC

Aprio Wealth Management LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,233 shares of the financial services provider’s stock after acquiring an additional 909 shares during the quarter. Aprio Wealth Management LLC’s holdings in Bank of America were worth $609,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Old North State Trust LLC grew its position in Bank of America by 1.8% in the first quarter. Old North State Trust LLC now owns 23,584 shares of the financial services provider’s stock worth $675,000 after buying an additional 420 shares during the last quarter. Lavaca Capital LLC grew its position in Bank of America by 7.3% during the 1st quarter. Lavaca Capital LLC now owns 12,216 shares of the financial services provider’s stock worth $373,000 after purchasing an additional 828 shares in the last quarter. Independence Bank of Kentucky grew its position in Bank of America by 14.2% during the 2nd quarter. Independence Bank of Kentucky now owns 16,685 shares of the financial services provider’s stock worth $479,000 after purchasing an additional 2,075 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in Bank of America during the 1st quarter worth approximately $1,288,000. Finally, Connolly Sarah T. grew its position in Bank of America by 1.2% during the 1st quarter. Connolly Sarah T. now owns 67,258 shares of the financial services provider’s stock worth $1,924,000 after purchasing an additional 784 shares in the last quarter. Institutional investors and hedge funds own 68.06% of the company’s stock.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Bank of America news, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 185,108 shares in the company, valued at $5,836,455.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Dean C. Athanasia sold 77,806 shares of the business’s stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the transaction, the insider now 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 currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. HSBC assumed coverage on shares of Bank of America in a research note on Thursday, September 7th. They set a “buy” rating and a $35.00 target price for the company. Piper Sandler decreased their target price on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research note on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $35.00 price objective on shares of Bank of America in a research note on Tuesday, September 12th. Morgan Stanley lifted their price objective on shares of Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. Finally, Wells Fargo & Company reduced their price objective on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, August 23rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $35.98.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.19 on Tuesday, hitting $28.57. 18,022,362 shares of the company were exchanged, compared to its average volume of 49,007,910. The company’s 50 day moving average price is $29.98 and its two-hundred day moving average price is $29.22. Bank of America Co. has a one year low of $26.32 and a one year high of $38.60. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $227.03 billion, a price-to-earnings ratio of 8.20, a PEG ratio of 1.21 and a beta of 1.37.

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 (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.04. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The company had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $24.98 billion. During the same quarter in the previous year, the firm posted $0.73 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.41 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a $0.24 dividend. The ex-dividend date is Thursday, August 31st. This represents a $0.96 dividend on an annualized basis and a yield of 3.36%. This is a boost from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s payout ratio is presently 27.59%.

Bank of America Company 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.