Bank of America Corporation $BAC Shares Purchased by AssuredPartners Investment Advisors LLC

Key Points

• AssuredPartners Investment Advisors LLC increased its stake in Bank of America by 7.3%, acquiring 7,339 additional shares, making it the 21st largest holding in its portfolio, valued at approximately $5.13 million.
• Bank of America reported earnings of $1.06 per share for the last quarter, surpassing analysts' expectations, with revenue of $28.09 billion, up 10.8% year-over-year.
• The company recently announced a dividend increase to $0.28 per share, reflecting a 2.2% yield, and has a share repurchase program to buy back up to $40 billion in shares.

AssuredPartners Investment Advisors LLC raised its position in Bank of America Corporation (NYSE:BAC - Free Report) by 7.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 108,308 shares of the financial services provider's stock after buying an additional 7,339 shares during the period. Bank of America comprises about 1.3% of AssuredPartners Investment Advisors LLC's portfolio, making the stock its 21st largest holding. AssuredPartners Investment Advisors LLC's holdings in Bank of America were worth $5,125,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BAC. Nova Wealth Management Inc. lifted its stake in 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 worth $25,000 after purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $28,000. CGC Financial Services LLC lifted its stake in Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider's stock worth $29,000 after purchasing an additional 521 shares in the last quarter. Acima Private Wealth LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $33,000. Finally, Cloud Capital Management LLC purchased a new position in Bank of America in the 1st quarter worth approximately $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 3.6%

Bank of America stock opened at $50.38 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The stock's fifty day simple moving average is $50.00 and its 200-day simple moving average is $45.73. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $373.16 billion, a P/E ratio of 13.73, a P/E/G ratio of 2.01 and a beta of 1.33.

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 analysts' consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the company earned $0.81 earnings per share. The company's revenue was up 10.8% on a year-over-year basis. As a group, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, September 5th. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America's payout ratio is presently 32.75%.

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Daiwa Capital Markets raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 8th. Barclays upped their price objective on Bank of America from $54.00 to $59.00 and gave the company an "overweight" rating in a report on Thursday. Erste Group Bank upgraded Bank of America from a "hold" rating to a "buy" rating in a report on Friday, October 3rd. TD Cowen upped their price objective on Bank of America from $59.00 to $61.00 and gave the company a "buy" rating in a report on Thursday. Finally, Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a report on Saturday, October 11th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $56.18.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction on 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 transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company's stock.

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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