Bank of America Corporation $BAC Stock Position Lifted by Talon Private Wealth LLC

Key Points

• Talon Private Wealth LLC significantly increased its stake in Bank of America, boosting ownership by over 10,715% to a total of 56,563 shares valued at approximately $2.39 million.
• Bank of America announced a $40 billion stock buyback program, indicating leadership's belief in the shares being undervalued, while also increasing its quarterly dividend from $0.26 to $0.28.
• Analysts have varied predictions on Bank of America's stock, with target price changes ranging from $50 to $54, suggesting a consensus rating of "Moderate Buy" with an average price target of $50.39.

Talon Private Wealth LLC raised its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 10,715.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,563 shares of the financial services provider's stock after acquiring an additional 56,040 shares during the period. Talon Private Wealth LLC's holdings in Bank of America were worth $2,393,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Vega Investment Solutions purchased a new stake in Bank of America during the fourth quarter valued at about $30,000. Spurstone Advisory Services LLC purchased a new stake in Bank of America during the fourth quarter valued at about $34,000. Wood Tarver Financial Group LLC purchased a new stake in Bank of America during the fourth quarter valued at about $38,000. Mascagni Wealth Management Inc. purchased a new stake in Bank of America during the fourth quarter valued at about $40,000. Finally, Cloud Capital Management LLC purchased a new stake in Bank of America during the first quarter valued at about $40,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Down 0.2%

BAC traded down $0.13 on Wednesday, reaching $50.17. The company's stock had a trading volume of 31,598,243 shares, compared to its average volume of 41,887,168. The stock has a market cap of $371.57 billion, a price-to-earnings ratio of 14.67, a price-to-earnings-growth ratio of 1.92 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $50.92. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The business's 50 day moving average is $48.03 and its 200 day moving average is $44.15.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly 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. The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 earnings per share. As a group, research analysts forecast 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 share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. 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. Bank of America's dividend payout ratio (DPR) is 32.75%.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on 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 transaction, the insider owned 223,407 shares of the company's stock, valued at $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 available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BAC shares. Robert W. Baird reissued a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Baird R W downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Cowen assumed coverage on Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Truist Financial upped their target price on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Oppenheimer upped their target price on Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price 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.