Bank of America Corporation $BAC Holdings Decreased by PB Investment Partners L.P.

Key Points

• PB Investment Partners L.P. has decreased its holdings in Bank of America Corporation by 10.6%, reducing its ownership to 337,613 shares, valued at around $15.98 million.
• Bank of America recently announced a $40 billion stock buyback program, indicating that the company's board believes its shares are undervalued.
• The company has increased its quarterly dividend to $0.28 per share, reflecting a boost from the previous dividend of $0.26, with an annual yield of 2.1%.

PB Investment Partners L.P. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 10.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 337,613 shares of the financial services provider's stock after selling 39,902 shares during the quarter. Bank of America accounts for approximately 10.9% of PB Investment Partners L.P.'s holdings, making the stock its 5th biggest position. PB Investment Partners L.P.'s holdings in Bank of America were worth $15,976,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Nova Wealth Management Inc. boosted its position in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new stake in Bank of America during the second quarter valued at $28,000. CGC Financial Services LLC boosted its position in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 521 shares during the last quarter. Acima Private Wealth LLC acquired a new stake in Bank of America during the second quarter valued at $33,000. Finally, Cloud Capital Management LLC acquired a new stake in Bank of America during the first quarter valued at $40,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction dated 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 completion of the transaction, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Bank of America Price Performance

NYSE BAC opened at $52.26 on Thursday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a market capitalization of $387.06 billion, a PE ratio of 15.28, a P/E/G ratio of 1.94 and a beta of 1.33. The stock has a 50-day simple moving average of $49.89 and a 200 day simple moving average of $45.67.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $27.05 billion. During the same quarter in the previous year, the firm earned $0.81 EPS. The firm's revenue was up 10.8% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Bank of America Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Bank of America in a research report on Wednesday, October 8th. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a research report on Saturday, October 11th. Citigroup boosted their price target on Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Evercore ISI boosted their price target on 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, UBS Group boosted their price target on Bank of America from $55.00 to $57.00 and gave the stock a "buy" rating in a research report on Tuesday, October 7th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target 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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