Goldstone Financial Group LLC Has $1.49 Million Holdings in Bank of America Corporation $BAC

Key Points

• Goldstone Financial Group LLC increased its ownership in Bank of America by 26.3%, holding 30,441 shares valued at $1.49 million as of the last quarter.
• Bank of America announced a dividend increase from $0.26 to $0.28 per share, with a payout ratio of 32.75% and an annualized yield of 2.2%.
• The company initiated a $40 billion stock repurchase plan, allowing for the repurchase of up to 11.1% of its shares, indicating confidence in its stock valuation.

Goldstone Financial Group LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 26.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,441 shares of the financial services provider's stock after buying an additional 6,348 shares during the quarter. Goldstone Financial Group LLC's holdings in Bank of America were worth $1,489,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Nova Wealth Management Inc. grew its holdings in Bank of America by 75.2% during the second 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 during the period. Vega Investment Solutions purchased a new stake in Bank of America during the fourth quarter valued at approximately $30,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $34,000. Wood Tarver Financial Group LLC bought a new position in Bank of America in the fourth quarter worth approximately $38,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Bank of America during the 4th quarter valued at $40,000. Institutional investors own 70.71% of the company's stock.

Insider Activity

In related 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 transaction, the insider directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BAC. Morgan Stanley lifted their price objective on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Finally, HSBC lowered shares of Bank of America from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $50.39.

Bank of America Stock Up 0.0%

Shares of BAC traded up $0.02 during mid-day trading on Monday, hitting $50.60. 29,040,071 shares of the company's stock were exchanged, compared to its average volume of 35,317,604. The firm has a fifty day moving average of $48.17 and a two-hundred day moving average of $44.31. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $51.09. The stock has a market cap of $374.79 billion, a price-to-earnings ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.80 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, 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 net margin of 14.81% and a return on equity of 10.25%. The business's revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 EPS. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Bank of America Increases Dividend

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