Bank of America Corporation $BAC is Hoertkorn Richard Charles' 7th Largest Position

Key Points

• Hoertkorn Richard Charles reduced its stake in Bank of America by 1.9%, making the company its 7th largest position, valued at approximately $13.4 million.
• Bank of America reported Q2 earnings of $0.89 EPS, exceeding estimates, and announced a $40 billion share buyback plan.
• The company recently increased its quarterly dividend from $0.26 to $0.28, resulting in a 2.2% yield for shareholders.

Hoertkorn Richard Charles reduced its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 1.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 283,249 shares of the financial services provider's stock after selling 5,564 shares during the quarter. Bank of America makes up approximately 5.7% of Hoertkorn Richard Charles' portfolio, making the stock its 7th largest position. Hoertkorn Richard Charles' holdings in Bank of America were worth $13,403,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Vega Investment Solutions acquired a new stake in Bank of America during the fourth quarter valued at $30,000. Spurstone Advisory Services LLC purchased a new position in Bank of America in the fourth quarter valued at about $34,000. Wood Tarver Financial Group LLC acquired a new position in Bank of America in the 4th quarter worth about $38,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Bank of America in the 4th quarter worth about $40,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 0.3%

Shares of BAC opened at $50.60 on Friday. 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 company has a 50-day simple moving average of $48.13 and a 200-day simple moving average of $44.28. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.96. The firm has a market capitalization of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.97 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period in the prior year, the company posted $0.83 earnings per share. Bank of America's revenue was up 4.3% on a year-over-year basis. On average, equities research analysts expect 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 plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign 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. Shareholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio (DPR) is presently 32.75%.

Insiders Place Their Bets

In other news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value 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. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BAC. The Goldman Sachs Group raised their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Phillip Securities lowered shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Citigroup lifted their price objective on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Morgan Stanley upped their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Finally, Wall Street Zen raised shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Saturday. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $50.39.

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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