Aware Super Pty Ltd as trustee of Aware Super Buys 105,581 Shares of Bank of America Corporation $BAC

Key Points

• Aware Super Pty Ltd increased its holdings in Bank of America by 38.5% in the second quarter, purchasing an additional 105,581 shares for a total of $17.98 million.
• Bank of America announced a $40 billion stock repurchase program and recently increased its quarterly dividend from $0.26 to $0.28, reflecting a 2.1% yield.
• Analysts have positively adjusted their price targets for Bank of America, with an average target of $54.64, indicating a consensus rating of "Moderate Buy".

Aware Super Pty Ltd as trustee of Aware Super boosted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 38.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 379,958 shares of the financial services provider's stock after buying an additional 105,581 shares during the quarter. Aware Super Pty Ltd as trustee of Aware Super's holdings in Bank of America were worth $17,980,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Nova Wealth Management Inc. raised its position in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $28,000. CGC Financial Services LLC raised its holdings in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider's stock worth $29,000 after buying an additional 521 shares during the period. Acima Private Wealth LLC purchased a new stake in shares of Bank of America in the second quarter worth approximately $33,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America during the 1st quarter worth approximately $40,000. Hedge funds and other institutional investors 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 completion of the sale, the insider directly owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Bank of America Stock Performance

Shares of BAC stock opened at $52.26 on Thursday. The firm has a market cap of $387.06 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.94 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company's 50 day moving average is $49.89 and its 200 day moving average is $45.67.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of $28.09 billion for the quarter, compared to analysts' expectations of $27.05 billion. During the same quarter last year, the firm earned $0.81 EPS. The business's revenue for the quarter was up 10.8% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America's payout ratio is presently 32.75%.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. Daiwa Capital Markets upped their price objective on Bank of America from $54.00 to $58.00 and gave the company an "outperform" rating in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a report on Saturday, October 11th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a "buy" rating in a research report on Tuesday, September 30th. Evercore ISI raised their target price on shares of Bank of America from $49.00 to $55.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 30th. Finally, Royal Bank Of Canada boosted their price target on Bank of America from $53.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, October 1st. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.64.

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.

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