Bank of America Corporation $BAC Shares Bought by RPG Investment Advisory LLC

Key Points

• RPG Investment Advisory LLC increased its stake in Bank of America by 105.3%, acquiring a total of 444,066 shares valued at approximately $18.5 million.
• Bank of America announced a $40 billion share repurchase plan, indicating confidence in the company's stock value.
• The company also declared a quarterly dividend of $0.28 per share, up from the previous $0.26, resulting in an annualized dividend yield of 2.3%.

RPG Investment Advisory LLC raised its position in Bank of America Corporation (NYSE:BAC) by 105.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 444,066 shares of the financial services provider's stock after purchasing an additional 227,808 shares during the quarter. RPG Investment Advisory LLC's holdings in Bank of America were worth $18,531,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Mccarter Private Wealth Services LLC lifted its holdings in shares of Bank of America by 3.8% in the 1st quarter. Mccarter Private Wealth Services LLC now owns 18,542 shares of the financial services provider's stock worth $774,000 after acquiring an additional 680 shares during the last quarter. Circle Wealth Management LLC increased its position in shares of Bank of America by 1.5% in the 1st quarter. Circle Wealth Management LLC now owns 19,294 shares of the financial services provider's stock valued at $805,000 after purchasing an additional 278 shares during the last quarter. Wescott Financial Advisory Group LLC increased its position in shares of Bank of America by 1.8% in the 1st quarter. Wescott Financial Advisory Group LLC now owns 15,696 shares of the financial services provider's stock valued at $655,000 after purchasing an additional 283 shares during the last quarter. 1832 Asset Management L.P. increased its position in shares of Bank of America by 89.7% in the 1st quarter. 1832 Asset Management L.P. now owns 1,443,948 shares of the financial services provider's stock valued at $60,256,000 after purchasing an additional 682,608 shares during the last quarter. Finally, Monetary Management Group Inc. grew its position in shares of Bank of America by 15.6% in the 1st quarter. Monetary Management Group Inc. now owns 5,200 shares of the financial services provider's stock valued at $217,000 after buying an additional 700 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America 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 in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on BAC shares. Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Citigroup increased their price target on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, June 26th. TD Cowen assumed coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target for the company. Finally, Morgan Stanley increased their price target on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.13.

Bank of America Stock Performance

NYSE:BAC opened at $48.2350 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The firm has a 50-day moving average price of $46.95 and a two-hundred day moving average price of $43.84. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.31. The company has a market capitalization of $357.27 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 1.88 and a beta of 1.31.

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, topping analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.83 earnings per share. As a group, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication 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. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. 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 payout ratio is presently 32.75%.

Bank of America Company 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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