Bank of America Corporation $BAC Shares Purchased by Saiph Capital LLC

Saiph Capital LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 18.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 128,111 shares of the financial services provider’s stock after acquiring an additional 20,315 shares during the quarter. Bank of America comprises 2.0% of Saiph Capital LLC’s investment portfolio, making the stock its 14th biggest holding. Saiph Capital LLC’s holdings in Bank of America were worth $6,062,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Quaker Wealth Management LLC lifted its holdings in shares of Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the period. Nova Wealth Management Inc. lifted its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC purchased a new stake in shares of Bank of America in the second quarter valued at about $28,000. CGC Financial Services LLC boosted its holdings in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC purchased a new position in Bank of America during the second quarter worth about $33,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Bank of America stock opened at $54.09 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $54.69. The firm has a market capitalization of $394.99 billion, a price-to-earnings ratio of 14.74 and a beta of 1.30. The stock’s fifty day moving average is $52.04 and its two-hundred day moving average is $49.02. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid 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 dividend payout ratio (DPR) is 30.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Oppenheimer lowered their price objective on Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Seaport Global Securities lifted their price target on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. UBS Group increased their price objective on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Wells Fargo & Company boosted their target price on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

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.