Bank of America Corporation $BAC Shares Bought by Sivia Capital Partners LLC

Key Points

• Sivia Capital Partners LLC increased its holdings in Bank of America by 40.5% in Q2, owning 21,401 shares worth approximately $1,013,000.
• Bank of America announced a $40 billion share repurchase program, authorizing the buyback of up to 11.1% of its shares, hinting at management's belief that shares are undervalued.
• The company recently raised its quarterly dividend from $0.26 to $0.28, reflecting a positive annual yield of 2.2% for shareholders.

Sivia Capital Partners LLC raised its position in Bank of America Corporation (NYSE:BAC) by 40.5% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 21,401 shares of the financial services provider's stock after buying an additional 6,174 shares during the quarter. Sivia Capital Partners LLC's holdings in Bank of America were worth $1,013,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Centurion Wealth Management LLC increased its holdings in shares of Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider's stock valued at $467,000 after purchasing an additional 225 shares in the last quarter. Nova Wealth Management Inc. increased its holdings in shares of 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 valued at $25,000 after purchasing an additional 227 shares in the last quarter. Continuum Advisory LLC increased its holdings in shares of Bank of America by 1.4% in the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after purchasing an additional 237 shares in the last quarter. Cape Investment Advisory Inc. increased its holdings in shares of Bank of America by 1.9% in the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider's stock valued at $524,000 after purchasing an additional 238 shares in the last quarter. Finally, Menard Financial Group LLC increased its holdings in shares of Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after purchasing an additional 240 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

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 shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by company insiders.

Bank of America Trading Up 0.2%

NYSE BAC opened at $50.68 on Wednesday. Bank of America Corporation has a one year low of $33.06 and a one year high of $51.09. The company's 50 day moving average price is $48.24 and its 200 day moving average price is $44.36. 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 firm has a market capitalization of $375.38 billion, a price-to-earnings ratio of 14.82, a PEG ratio of 1.96 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the firm posted $0.83 earnings per share. Bank of America's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Increases Dividend

The company also recently disclosed 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 annualized dividend and a yield of 2.2%. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's dividend payout ratio is 32.75%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. 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. Citigroup increased 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. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. HSBC cut shares of Bank of America from a "buy" rating to a "hold" rating and increased their price objective for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Finally, Oppenheimer increased their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $50.61.

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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