Aprio Wealth Management LLC Purchases 909 Shares of Bank of America Co. (NYSE:BAC)

Aprio Wealth Management LLC increased its position in Bank of America Co. (NYSE:BAC) by 4.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 21,233 shares of the financial services provider’s stock after buying an additional 909 shares during the period. Aprio Wealth Management LLC’s holdings in Bank of America were worth $609,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Tanglewood Legacy Advisors LLC bought a new position in shares of Bank of America during the 4th quarter valued at about $26,000. FNY Investment Advisers LLC boosted its holdings in shares of Bank of America by 75.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 397 shares during the last quarter. Castleview Partners LLC bought a new position in shares of Bank of America during the 1st quarter valued at about $28,000. Ahrens Investment Partners LLC bought a new position in shares of Bank of America during the 1st quarter valued at about $31,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Bank of America during the 1st quarter valued at about $34,000. Institutional investors own 68.06% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.19 during trading hours on Tuesday, reaching $28.57. The stock had a trading volume of 18,022,362 shares, compared to its average volume of 49,007,910. The stock’s 50 day moving average is $29.98 and its 200 day moving average is $29.22. The firm has a market capitalization of $227.03 billion, a PE ratio of 8.20, a PEG ratio of 1.21 and a beta of 1.37. Bank of America Co. has a twelve month low of $26.32 and a twelve month high of $38.60. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share 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 the consensus estimate of $24.98 billion. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.73 earnings per share. Equities analysts expect that Bank of America Co. will post 3.41 earnings per share for the current fiscal year.

Bank of America Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BAC. HSBC began coverage on shares of Bank of America in a report on Thursday, September 7th. They issued a “buy” rating and a $35.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $35.00 price objective on shares of Bank of America in a research report on Tuesday, September 12th. Piper Sandler reduced their price objective on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a research report on Friday. 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. Finally, Oppenheimer reduced their price objective on shares of Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a research report on Friday, August 18th. 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 company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $35.98.

Insider Buying and Selling

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 transaction of $2,364,750.00. Following the completion of the sale, the insider now owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 transaction of $2,364,750.00. Following the completion of the sale, the insider now owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Dean C. Athanasia sold 77,806 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 353,971 shares of the company’s stock, valued at approximately $11,143,007.08. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Bank of America 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.