Bank of America (NYSE:BAC) Stock Acquired Sen. Angus S. King Jr.

Key Points

• Senator Angus S. King Jr. purchased shares of Bank of America (NYSE:BAC) valued between $1,001 and $15,000 on July 21st, highlighting interest from policymakers in the asset.
• Bank of America declared a quarterly dividend of $0.28 per share, representing a 7.69% increase from the previous dividend, with a yield of 2.3% for shareholders.
• A recent share repurchase program allows Bank of America to buy back up to $40 billion of its stock, indicating confidence in its valuation by company leadership.

Senator Angus S. King Jr. (I-Maine) recently bought shares of Bank of America Corporation NYSE: BAC. In a filing disclosed on August 18th, the Senator disclosed that they had bought between $1,001 and $15,000 in Bank of America stock on July 21st.

Senator Angus S. King Jr. also recently made the following trade(s):

• Purchased $1,001 - $15,000 in shares of JPMorgan Chase & Co. NYSE: JPM on 7/21/2025.
• Purchased $1,001 - $15,000 in shares of Microsoft NASDAQ: MSFT on 7/21/2025.
• Purchased $1,001 - $15,000 in shares of Lowe's Companies NYSE: LOW on 7/21/2025.
• Purchased $1,001 - $15,000 in shares of Alphabet NASDAQ: GOOGL on 7/21/2025.
• Purchased $1,001 - $15,000 in shares of Exxon Mobil NYSE: XOM on 7/21/2025.
• Purchased $1,001 - $15,000 in shares of Arista Networks NYSE: ANET on 7/21/2025.
• Purchased $1,001 - $15,000 in shares of Uber Technologies NYSE: UBER on 7/21/2025.
• Purchased $1,001 - $15,000 in shares of Netflix NASDAQ: NFLX on 7/21/2025.
• Purchased $1,001 - $15,000 in shares of PayPal NASDAQ: PYPL on 7/21/2025.
• Purchased $1,001 - $15,000 in shares of Quanta Services NYSE: PWR on 7/21/2025.

Bank of America Stock Down 0.2%

BAC stock opened at $48.2350 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The firm has a 50 day simple moving average of $46.95 and a 200 day simple moving average of $43.84. The firm has a market cap of $357.27 billion, a PE ratio of 14.10, a P/E/G ratio of 1.88 and a beta of 1.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 earnings per share. Equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has initiated a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, September 5th. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is 32.75%.

Institutional Investors Weigh In On Bank of America

Several institutional investors have recently added to or reduced their stakes in BAC. Nova Wealth Management Inc. increased its holdings in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after purchasing an additional 227 shares during the period. Quaker Wealth Management LLC lifted its holdings in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider's stock worth $25,000 after acquiring an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in Bank of America during the second quarter valued at about $28,000. CGC Financial Services LLC boosted its holdings in Bank of America by 585.4% during the 2nd 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 during the period. Finally, Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter worth approximately $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on BAC. Truist Financial lifted their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. TD Cowen initiated coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price on the stock. Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Citigroup boosted their price objective on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Finally, Phillip Securities lowered Bank of America from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, July 25th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $50.13.

About Senator King

Angus King (independent) is a member of the U.S. Senate from Maine. He assumed office on January 3, 2013. His current term ends on January 3, 2031. King (independent) ran for re-election to the U.S. Senate to represent Maine. He won in the general election on November 5, 2024.

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.

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