10,000 Shares in Bank of America Corporation $BAC Purchased by Gordian Capital Singapore Pte Ltd

Key Points

• Gordian Capital Singapore Pte Ltd acquired 10,000 shares of Bank of America, valued at approximately $417,000, indicating increasing institutional interest in the company.
• Bank of America announced a quarterly dividend increase from $0.26 to $0.28, reflecting a 2.2% yield and signaling the company's solid financial health.
• Several analysts recently updated their price targets for Bank of America, with a consensus price target of $50.13 and a majority rating the stock as a "Moderate Buy."

Gordian Capital Singapore Pte Ltd purchased a new stake in Bank of America Corporation (NYSE:BAC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 10,000 shares of the financial services provider's stock, valued at approximately $417,000.

Other institutional investors also recently modified their holdings of the company. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter valued at approximately $30,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $34,000. Wood Tarver Financial Group LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $38,000. Mascagni Wealth Management Inc. bought a new position in shares of Bank of America in the fourth quarter valued at approximately $40,000. Finally, Cloud Capital Management LLC bought a new position in Bank of America during the first quarter worth $40,000. Institutional investors own 70.71% of the company's stock.

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 value 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.30% of the company's stock.

Bank of America Stock Performance

Bank of America stock traded up $0.27 on Monday, hitting $50.76. The company's stock had a trading volume of 32,491,463 shares, compared to its average volume of 33,803,852. Bank of America Corporation has a one year low of $33.06 and a one year high of $50.92. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a fifty day moving average price of $47.61 and a 200-day moving average price of $43.93. The firm has a market cap of $375.98 billion, a P/E ratio of 14.84, a price-to-earnings-growth ratio of 1.97 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate 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 company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the previous year, the company earned $0.83 EPS. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is presently 30.41%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BAC shares. Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Truist Financial boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. The Goldman Sachs Group boosted their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, TD Cowen started coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 target price on the stock. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $50.13.

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.