Cypress Point Wealth Management LLC Makes New Investment in Bank of America Corporation $BAC

Key Points

• Cypress Point Wealth Management LLC purchased 5,253 shares of Bank of America Corporation, valued at approximately $249,000, in the second quarter.
• Bank of America announced a quarterly dividend of $0.28 per share, reflecting an increase from the previous quarter's dividend of $0.26, with a current dividend yield of 2.2%.
• Analyst ratings for Bank of America show 16 analysts with a "Buy" rating and five with a "Hold," leading to an average price target of $50.61.

Cypress Point Wealth Management LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,253 shares of the financial services provider's stock, valued at approximately $249,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its holdings in shares of Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock valued at $2,521,218,000 after purchasing an additional 803,570 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Amundi lifted its position in shares of Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider's stock worth $1,637,205,000 after buying an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider's stock valued at $1,333,351,000 after buying an additional 188,638 shares during the last quarter. Finally, National Pension Service grew its holdings in Bank of America by 2.4% during the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider's stock valued at $541,250,000 after buying an additional 300,944 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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 report on Friday, July 25th. The Goldman Sachs Group boosted their price target 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. Truist Financial increased their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. HSBC downgraded shares of Bank of America from a "buy" rating to a "hold" rating and boosted their target price for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Finally, Citigroup increased their price target on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.61.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction 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 transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by insiders.

Bank of America Trading Up 1.5%

Shares of BAC stock traded up $0.77 during trading hours on Thursday, reaching $52.17. 35,038,861 shares of the stock were exchanged, compared to its average volume of 34,881,360. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.19. 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's 50-day moving average price is $48.44 and its 200-day moving average price is $44.45. The firm has a market capitalization of $386.42 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The company 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 for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.83 EPS. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. 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%.

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

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.