5,225 Shares in Bank of America Corporation $BAC Bought by Pinnacle West Asset Management Inc.

Key Points

• Pinnacle West Asset Management Inc. acquired 5,225 shares of Bank of America Corporation, valued at approximately $247,000, during the second quarter.
• Bank of America announced a $40 billion stock buyback program, allowing the purchase of up to 11.1% of its shares, indicating a belief that its shares are undervalued.
• The company recently increased its quarterly dividend from $0.26 to $0.28, representing a 2.3% dividend yield and a payout ratio of 32.75%.

Pinnacle West Asset Management Inc. acquired a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 5,225 shares of the financial services provider's stock, valued at approximately $247,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Acima Private Wealth LLC acquired a new position in Bank of America during the second quarter worth $33,000. JFS Wealth Advisors LLC raised its holdings in Bank of America by 11.4% during the second quarter. JFS Wealth Advisors LLC now owns 20,892 shares of the financial services provider's stock worth $989,000 after purchasing an additional 2,144 shares during the last quarter. Blue Zone Wealth Advisors LLC raised its holdings in Bank of America by 12.5% during the second quarter. Blue Zone Wealth Advisors LLC now owns 5,641 shares of the financial services provider's stock worth $267,000 after purchasing an additional 628 shares during the last quarter. Brucke Financial Inc. raised its holdings in Bank of America by 5.8% during the second quarter. Brucke Financial Inc. now owns 18,866 shares of the financial services provider's stock worth $893,000 after purchasing an additional 1,032 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Bank of America by 11.0% in the second quarter. Blue Trust Inc. now owns 76,632 shares of the financial services provider's stock worth $3,626,000 after acquiring an additional 7,613 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction dated 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 completion of the sale, the insider owned 223,407 shares of the company's stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

Bank of America Price Performance

BAC stock opened at $48.62 on Friday. The stock has a 50-day moving average price of $49.61 and a two-hundred day moving average price of $45.50. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. 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 has a market cap of $360.12 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last posted 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the previous year, the business earned $0.83 earnings per share. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. As a group, research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has authorized a stock buyback 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 usually a sign that the company's board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. Bank of America's dividend payout ratio (DPR) is currently 32.75%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their price target on Bank of America from $51.00 to $55.00 and gave the stock an "overweight" rating in a report on Friday. Citigroup boosted their price target on Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a report on Friday, September 19th. Robert W. Baird reissued a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Seaport Global Securities boosted their price target on Bank of America from $59.00 to $66.00 and gave the stock a "buy" rating in a report on Monday, October 6th. Finally, Erste Group Bank raised Bank of America from a "hold" rating to a "buy" rating in a research report on Friday, October 3rd. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $54.64.

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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