LFA Lugano Financial Advisors SA Purchases 1,214 Shares of Bank of America Corporation $BAC

LFA Lugano Financial Advisors SA lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 37.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,426 shares of the financial services provider’s stock after purchasing an additional 1,214 shares during the quarter. LFA Lugano Financial Advisors SA’s holdings in Bank of America were worth $209,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC lifted its position in Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after acquiring an additional 24,740 shares in the last quarter. Disciplined Investments LLC purchased a new position in shares of Bank of America in the second quarter worth $217,000. Nicholas Hoffman & Company LLC. raised its stake in shares of Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC lifted its holdings in shares of Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC purchased a new stake in shares of Bank of America during the second quarter valued at $287,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Barclays boosted their target price on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. UBS Group increased their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. The Goldman Sachs Group cut their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Finally, Wolfe Research boosted their target price on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Trading Down 0.1%

NYSE:BAC opened at $53.22 on Friday. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.99. The business has a fifty day moving average price of $51.33 and a 200-day moving average price of $47.57. The firm has a market capitalization of $388.62 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. 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 earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Bank of America Announces Dividend

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

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.