Sunbeam Capital Management LLC Purchases 439 Shares of Bank of America Corporation $BAC

Sunbeam Capital Management LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 7.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,476 shares of the financial services provider’s stock after buying an additional 439 shares during the period. Sunbeam Capital Management LLC’s holdings in Bank of America were worth $306,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Boston Common Asset Management LLC grew its holdings 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 worth $12,288,000 after acquiring an additional 24,740 shares during the last quarter. Nicholas Hoffman & Company LLC. grew its holdings in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares during the last quarter. Prosperity Wealth Management Inc. bought a new stake in Bank of America in the 1st quarter worth $998,000. Alpha Cubed Investments LLC grew its holdings in Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after acquiring an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Bank of America by 170.5% in the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock worth $9,951,000 after acquiring an additional 150,299 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $50.36 on Tuesday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The stock has a market cap of $373.01 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company’s fifty day moving average price is $49.42 and its 200-day moving average price is $45.35.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the previous year, the business posted $0.83 EPS. The company’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Bank of America declared that its board has initiated a stock repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BAC shares. Citigroup lifted their price target on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Royal Bank Of Canada lifted their price target on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Nineteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $53.38.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

About Bank of America

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.