Wintrust Investments LLC Acquires Shares of 79,263 Bank of America Co. (NYSE:BAC)

Wintrust Investments LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) during the second quarter, according to its most recent filing with the SEC. The fund bought 79,263 shares of the financial services provider’s stock, valued at approximately $3,268,000.

Other large investors also recently modified their holdings of the company. Gleason Group Inc. boosted its holdings in shares of Bank of America by 0.3% during the second quarter. Gleason Group Inc. now owns 93,562 shares of the financial services provider’s stock worth $3,858,000 after purchasing an additional 262 shares during the period. MEMBERS Trust Co raised its position in Bank of America by 5.1% during the 2nd quarter. MEMBERS Trust Co now owns 5,470 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 266 shares during the last quarter. Accel Wealth Management lifted its holdings in Bank of America by 1.4% in the 1st quarter. Accel Wealth Management now owns 19,414 shares of the financial services provider’s stock worth $751,000 after buying an additional 273 shares during the period. Vigilant Capital Management LLC grew its position in shares of Bank of America by 6.7% in the 2nd quarter. Vigilant Capital Management LLC now owns 4,376 shares of the financial services provider’s stock worth $180,000 after buying an additional 275 shares during the last quarter. Finally, Penn Mutual Asset Management LLC increased its stake in shares of Bank of America by 4.3% during the first quarter. Penn Mutual Asset Management LLC now owns 6,840 shares of the financial services provider’s stock valued at $265,000 after buying an additional 280 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America stock traded up $0.27 during trading hours on Wednesday, hitting $40.11. The stock had a trading volume of 988,437 shares, compared to its average volume of 49,445,723. The stock’s 50-day moving average price is $40.02 and its 200-day moving average price is $40.08. The stock has a market capitalization of $337.52 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 1.72 and a beta of 1.55. Bank of America Co. has a 12-month low of $22.95 and a 12-month high of $43.49. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 14th. The financial services provider reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.26. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The company had revenue of $21.50 billion during the quarter, compared to the consensus estimate of $21.77 billion. During the same quarter last year, the firm earned $0.37 earnings per share. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, research analysts expect that Bank of America Co. will post 3.34 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 24th. Stockholders of record on Friday, September 3rd will be issued a dividend of $0.21 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.18. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Thursday, September 2nd. Bank of America’s dividend payout ratio is presently 38.50%.

In other news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the firm’s stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $39.98, for a total transaction of $3,198,400.00. Following the sale, the insider now owns 337,006 shares of the company’s stock, valued at approximately $13,473,499.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.22% of the company’s stock.

BAC has been the topic of a number of research analyst reports. Evercore ISI reissued a “buy” rating and set a $43.00 price objective on shares of Bank of America in a research report on Friday, July 2nd. Credit Suisse Group increased their price target on shares of Bank of America from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Friday, July 16th. Morgan Stanley lifted their price objective on Bank of America from $38.00 to $42.00 and gave the company an “underweight” rating in a research report on Thursday, July 29th. Truist Securities began coverage on Bank of America in a research report on Wednesday, June 2nd. They issued a “buy” rating for the company. Finally, Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating and set a $46.50 price target on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $40.42.

Bank of America Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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