Aigen Investment Management LP Has $750,000 Holdings in Bank of America Corporation (NYSE:BAC)

Key Points

• Aigen Investment Management LP increased its stake in Bank of America by 90.4%, owning 17,968 shares valued at approximately $750,000.
• Bank of America announced a quarterly dividend of $0.28 per share, which marks an increase from the previous $0.26, representing a yield of 2.4%.
• The firm has also approved a stock buyback plan allowing for the repurchase of up to $40 billion in shares, indicating that the company believes its stock is undervalued.

Aigen Investment Management LP lifted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 90.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,968 shares of the financial services provider's stock after buying an additional 8,530 shares during the period. Aigen Investment Management LP's holdings in Bank of America were worth $750,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vega Investment Solutions acquired a new position in shares of Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America in the fourth quarter worth $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Bank of America in the fourth quarter worth $34,000. Wood Tarver Financial Group LLC bought a new stake in shares of Bank of America in the fourth quarter worth $38,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Bank of America in the fourth quarter worth $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.3%

BAC opened at $46.15 on Tuesday. 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 fifty-two week low of $33.06 and a fifty-two week high of $49.31. The firm has a market capitalization of $341.85 billion, a PE ratio of 13.50, a P/E/G ratio of 1.79 and a beta of 1.31. The company's 50-day moving average is $46.47 and its 200 day moving average is $43.74.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results 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. 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 analyst estimates of $26.79 billion. During the same quarter in the prior year, the business posted $0.83 EPS. The firm's 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 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is currently 30.41%.

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, TD Cowen began coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $50.13.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated 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 completion of the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.30% of the stock is owned by corporate insiders.

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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