Doliver Advisors LP Invests $622,000 in Bank of America Corporation $BAC

Key Points

• Doliver Advisors LP purchased 13,151 shares of Bank of America Corporation in the 2nd quarter, amounting to approximately $622,000.
• Bank of America plans to initiate a $40 billion share buyback program, allowing the company to reacquire up to 11.1% of its shares, indicating confidence in its stock value.
• The company recently declared a quarterly dividend of $0.28, representing an annualized yield of 2.2%, which is a positive increase from the previous dividend of $0.26.

Doliver Advisors LP purchased a new position in Bank of America Corporation (NYSE:BAC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,151 shares of the financial services provider's stock, valued at approximately $622,000.

Other institutional investors have also added to or reduced their stakes in the company. Vega Investment Solutions acquired a new stake in Bank of America in the fourth quarter worth about $30,000. Spurstone Advisory Services LLC acquired a new stake in Bank of America in the fourth quarter worth about $34,000. Wood Tarver Financial Group LLC acquired a new stake in Bank of America in the fourth quarter worth about $38,000. Mascagni Wealth Management Inc. acquired a new stake in Bank of America in the fourth quarter worth about $40,000. Finally, Cloud Capital Management LLC acquired a new stake in Bank of America in the first quarter worth about $40,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

BAC stock traded down $0.15 during trading on Friday, hitting $50.60. 27,849,333 shares of the company traded hands, compared to its average volume of 35,317,604. The stock's 50-day simple moving average is $48.13 and its 200 day simple moving average is $44.28. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a market cap of $374.79 billion, a PE ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $50.96.

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

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. 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. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America's dividend payout ratio is 32.75%.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAC. Phillip Securities cut Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday. The Goldman Sachs Group raised their price objective on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Citigroup raised their price objective on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Finally, Robert W. Baird restated a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.39.

Bank of America 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.