Fortem Financial Group LLC Has $652,000 Position in Bank of America Co. (NYSE:BAC)

Fortem Financial Group LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 16,402 shares of the financial services provider’s stock after selling 484 shares during the quarter. Fortem Financial Group LLC’s holdings in Bank of America were worth $652,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Delos Wealth Advisors LLC lifted its holdings in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the last quarter. Livelsberger Financial Advisory acquired a new position in Bank of America during the 4th quarter valued at $28,000. POM Investment Strategies LLC boosted its holdings in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the 2nd quarter worth $30,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 1st quarter worth about $33,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.1 %

BAC stock opened at $40.71 on Wednesday. The business has a fifty day moving average price of $40.27 and a 200 day moving average price of $38.43. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The stock has a market capitalization of $318.37 billion, a price-to-earnings ratio of 14.09, a P/E/G ratio of 1.46 and a beta of 1.35.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the company posted $0.88 earnings per share. Analysts expect that Bank of America Co. will post 3.28 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 27th. Shareholders of record on Friday, September 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.55%. Bank of America’s payout ratio is currently 35.99%.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BAC. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Morgan Stanley raised their price objective on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday. Cfra reaffirmed a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $42.22.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 99,609,567 shares of company stock worth $4,122,483,669. Corporate insiders own 0.29% of the company’s stock.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.