Bank of America Corporation $BAC Shares Purchased by Mutual Advisors LLC

Key Points

• Mutual Advisors LLC increased its stake in Bank of America by 13.2% during the 2nd quarter, resulting in ownership of 102,456 shares valued at $4,964,000.
• Bank of America reported $1.06 EPS for the last quarter, exceeding expectations and showing a 10.8% revenue increase from the previous year.
• The firm initiated a $40 billion share buyback program, indicating confidence in its stock valuation, while also raising its quarterly dividend to $0.28 per share.

Mutual Advisors LLC boosted its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 13.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,456 shares of the financial services provider's stock after purchasing an additional 11,912 shares during the period. Mutual Advisors LLC's holdings in Bank of America were worth $4,964,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BAC. Brighton Jones LLC increased its holdings in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. GAMMA Investing LLC increased its holdings in Bank of America by 8.2% in the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider's stock valued at $4,654,000 after purchasing an additional 8,435 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Bank of America by 64.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 5,534 shares of the financial services provider's stock valued at $231,000 after purchasing an additional 2,179 shares in the last quarter. Chicago Capital LLC increased its holdings in Bank of America by 28.7% in the 1st quarter. Chicago Capital LLC now owns 19,959 shares of the financial services provider's stock valued at $833,000 after purchasing an additional 4,450 shares in the last quarter. Finally, Global Trust Asset Management LLC boosted its position in Bank of America by 22.2% in the 1st quarter. Global Trust Asset Management LLC now owns 1,515 shares of the financial services provider's stock valued at $63,000 after buying an additional 275 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $52.26 on Thursday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company's 50-day simple moving average is $49.89 and its 200-day simple moving average is $45.67. The stock has a market capitalization of $387.06 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.94 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of $28.09 billion for the quarter, compared to analysts' expectations of $27.05 billion. During the same quarter last year, the company posted $0.81 earnings per share. The company's quarterly revenue was up 10.8% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. 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 yield of 2.1%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America's dividend payout ratio is 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction dated 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 transaction, 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 SEC, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on BAC. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Weiss Ratings reissued a "buy (b-)" rating on shares of Bank of America in a research report on Wednesday, October 8th. Seaport Global Securities upped their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a "buy" rating in a research report on Monday, October 6th. Oppenheimer decreased their price objective on shares of Bank of America from $57.00 to $56.00 and set an "outperform" rating for the company in a research report on Tuesday, September 23rd. Finally, Morgan Stanley upped their price objective on shares of Bank of America from $50.00 to $66.00 and gave the company an "overweight" rating in a research report on Monday, September 29th. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $54.64.

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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