6,403 Shares in Bank of America Corporation $BAC Acquired by Revisor Wealth Management LLC

Key Points

• Revisor Wealth Management LLC acquired 6,403 shares of Bank of America, valued at approximately $301,000, indicating growing institutional interest in the financial services provider.
• Bank of America declared a quarterly dividend of $0.28 per share, reflecting an increase from the previous dividend and translating to an annual yield of 2.2%.
• Recent analyst ratings show a consensus of "Moderate Buy" for Bank of America, with a target price averaging around $50.76 following several fluctuations in recommendations.

Revisor Wealth Management LLC purchased a new position in Bank of America Corporation (NYSE:BAC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,403 shares of the financial services provider's stock, valued at approximately $301,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Deutsche Bank AG grew its stake in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Bank of America by 4,414.4% in the 1st quarter. GAMMA Investing LLC now owns 4,654,022 shares of the financial services provider's stock worth $194,212,000 after buying an additional 4,550,930 shares during the last quarter. Unisphere Establishment grew its stake in shares of Bank of America by 1,642.5% in the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider's stock worth $175,057,000 after buying an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Bank of America in the 2nd quarter worth approximately $164,623,000. Finally, Maverick Capital Ltd. purchased a new stake in shares of Bank of America in the 1st quarter worth approximately $152,098,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Robert W. Baird restated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and increased their target price for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Oppenheimer cut their target price on Bank of America from $57.00 to $56.00 and set an "outperform" rating on the stock in a research note on Tuesday. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. Finally, Citigroup increased their target price on Bank of America from $54.00 to $58.00 and gave the company a "buy" rating in a research note on Friday. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $50.76.

Bank of America Price Performance

NYSE BAC opened at $51.68 on Wednesday. The business's fifty day moving average price is $48.76 and its 200-day moving average price is $44.68. The stock has a market capitalization of $382.78 billion, a price-to-earnings ratio of 15.11, a PEG ratio of 2.01 and a beta of 1.34. 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 Corporation has a 1-year low of $33.06 and a 1-year high of $52.88.

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 for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for 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%.The company's revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 EPS. On average, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

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 shares through open market purchases. Shares repurchase programs are generally an indication that the company's board 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. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is currently 32.75%.

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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