Alpine Woods Capital Investors LLC Has $7.77 Million Holdings in Bank of America Corporation $BAC

Key Points

• Alpine Woods Capital Investors LLC reduced its stake in Bank of America by 9.1%, now holding approximately $7.77 million worth of shares, making it the 11th largest position in their portfolio.
• Bank of America announced a share buyback program allowing the repurchase of up to $40 billion of its shares, indicating a belief in the undervaluation of its stock.
• Following its latest earnings report, Bank of America increased its quarterly dividend to $0.28 per share, up from $0.26, representing a yield of 2.3%.

Alpine Woods Capital Investors LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 9.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,267 shares of the financial services provider's stock after selling 16,446 shares during the quarter. Bank of America accounts for approximately 1.8% of Alpine Woods Capital Investors LLC's holdings, making the stock its 11th biggest position. Alpine Woods Capital Investors LLC's holdings in Bank of America were worth $7,773,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Cornerstone Wealth Group LLC raised its stake in shares of Bank of America by 2.2% in the 2nd quarter. Cornerstone Wealth Group LLC now owns 277,333 shares of the financial services provider's stock valued at $13,123,000 after buying an additional 5,921 shares in the last quarter. Community Bank N.A. raised its stake in shares of Bank of America by 8.1% in the 2nd quarter. Community Bank N.A. now owns 18,773 shares of the financial services provider's stock valued at $888,000 after buying an additional 1,402 shares in the last quarter. NorthRock Partners LLC raised its stake in shares of Bank of America by 11.3% in the 2nd quarter. NorthRock Partners LLC now owns 112,003 shares of the financial services provider's stock valued at $5,300,000 after buying an additional 11,403 shares in the last quarter. Wealth Architects LLC raised its stake in shares of Bank of America by 1.1% in the 2nd quarter. Wealth Architects LLC now owns 29,502 shares of the financial services provider's stock valued at $1,396,000 after buying an additional 334 shares in the last quarter. Finally, Concord Asset Management LLC VA raised its stake in shares of Bank of America by 22.1% in the 2nd quarter. Concord Asset Management LLC VA now owns 32,915 shares of the financial services provider's stock valued at $1,558,000 after buying an additional 5,962 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Buying and Selling

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 transaction of $6,762,177.87. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Stock Up 0.4%

BAC opened at $48.86 on Tuesday. The firm's 50-day simple moving average is $49.67 and its 200-day simple moving average is $45.59. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The firm has a market cap of $361.93 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.89 and a beta of 1.33.

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 the consensus estimate 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 business 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 firm earned $0.83 EPS. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is currently 32.75%.

Analysts Set New Price Targets

BAC has been the subject of a number of recent research reports. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. The Goldman Sachs Group increased their price objective on shares of Bank of America from $56.00 to $59.00 and gave the company a "buy" rating in a research note on Friday, October 3rd. Oppenheimer dropped their price objective on shares of Bank of America from $57.00 to $56.00 and set an "outperform" rating for the company in a research note on Tuesday, September 23rd. JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $51.00 to $55.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Daiwa Capital Markets upped their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an "outperform" rating in a report on Wednesday, October 8th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $54.64.

About Bank of America

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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