Bank of America Corporation $BAC Shares Purchased by Courier Capital LLC

Key Points

• increased its stake in Bank of America by 19.2%, owning 168,603 shares valued at approximately $8 million after acquiring additional shares in the second quarter.
• Bank of America announced a $40 billion share buyback plan, allowing the company to repurchase up to 11.1% of its outstanding shares, typically indicating the board's belief that the stock is undervalued.
• The company recently increased its quarterly dividend to $0.28 per share, resulting in an annualized dividend yield of 2.3% and a payout ratio of 32.75%.

Courier Capital LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 19.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 168,603 shares of the financial services provider's stock after acquiring an additional 27,197 shares during the period. Courier Capital LLC's holdings in Bank of America were worth $7,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Nova Wealth Management Inc. raised its holdings 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 valued at $25,000 after buying an additional 227 shares during the last quarter. RMG Wealth Management LLC purchased a new position in Bank of America during the second quarter worth about $28,000. Acima Private Wealth LLC purchased a new position in Bank of America in the second quarter valued at about $33,000. Cloud Capital Management LLC purchased a new position in Bank of America in the first quarter valued at about $40,000. Finally, HighMark Wealth Management LLC increased its holdings in Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider's stock valued at $43,000 after buying an additional 743 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

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 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by insiders.

Bank of America Trading Up 0.4%

Shares of NYSE:BAC opened at $48.86 on Tuesday. The company has a 50 day moving average of $49.67 and a 200-day moving average of $45.59. The firm has a market cap of $361.93 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.89 and a beta of 1.33. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

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 earnings per share for the quarter, topping analysts' consensus estimates 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 company 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 business posted $0.83 EPS. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, analysts anticipate 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 buyback plan 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 reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, September 5th. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is presently 32.75%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. The Goldman Sachs Group increased their price target on shares of Bank of America from $56.00 to $59.00 and gave the company a "buy" rating in a research report on Friday, October 3rd. Royal Bank Of Canada raised their target price on shares of Bank of America from $53.00 to $56.00 and gave the company an "outperform" rating in a research note on Wednesday, October 1st. Oppenheimer cut their target price on shares of Bank of America from $57.00 to $56.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 23rd. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.64.

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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