4,151 Shares in Bank of America Co. (NYSE:BAC) Purchased by Guardian Wealth Advisors LLC

Posted by Defense World Staff on Sep 14th, 2023

Guardian Wealth Advisors LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,151 shares of the financial services provider’s stock, valued at approximately $119,000.

A number of other institutional investors have also added to or reduced their stakes in BAC. Spears Abacus Advisors LLC lifted its stake in Bank of America by 0.6% in the 4th quarter. Spears Abacus Advisors LLC now owns 49,224 shares of the financial services provider’s stock valued at $1,630,000 after purchasing an additional 300 shares during the last quarter. Fort Sheridan Advisors LLC raised its stake in shares of Bank of America by 0.8% during the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after acquiring an additional 303 shares during the last quarter. Tempus Wealth Planning LLC raised its stake in shares of Bank of America by 0.6% during the fourth quarter. Tempus Wealth Planning LLC now owns 55,589 shares of the financial services provider’s stock valued at $1,841,000 after acquiring an additional 332 shares during the last quarter. Zullo Investment Group Inc. raised its stake in shares of Bank of America by 2.4% during the fourth quarter. Zullo Investment Group Inc. now owns 14,220 shares of the financial services provider’s stock valued at $471,000 after acquiring an additional 334 shares during the last quarter. Finally, Fort Point Capital Partners LLC raised its stake in shares of Bank of America by 2.2% during the first quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock valued at $656,000 after acquiring an additional 336 shares during the last quarter. 68.06% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.3 %

NYSE:BAC opened at $28.88 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $229.45 billion, a price-to-earnings ratio of 8.30, a PEG ratio of 1.18 and a beta of 1.37. The firm has a fifty day simple moving average of $29.96 and a two-hundred day simple moving average of $29.33. Bank of America Co. has a 12 month low of $26.32 and a 12 month high of $38.60.

Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. The business had revenue of $25.20 billion during the quarter, compared to analysts’ expectations of $24.98 billion. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the company posted $0.73 earnings per share. Analysts expect that Bank of America Co. will post 3.41 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.24 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Thursday, August 31st. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.

Insider Activity

In other news, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the completion of the transaction, the insider now directly owns 185,108 shares in the company, valued at $5,836,455.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the completion of the transaction, the insider now directly owns 185,108 shares in the company, valued at $5,836,455.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dean C. Athanasia sold 77,806 shares of the firm’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 transaction, the insider now directly owns 353,971 shares in the company, valued at $11,143,007.08. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price target 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. StockNews.com initiated coverage on shares of Bank of America in a research note on Thursday, August 17th. They set a “hold” rating for the company. Morgan Stanley increased their price objective on shares of Bank of America from $32.00 to $33.00 in a research report on Friday, July 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price objective on shares of Bank of America in a research report on Tuesday. Finally, Oppenheimer decreased their price objective on shares of Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 18th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $36.31.

View Our Latest Analysis 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. 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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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