Bank of America Corporation $BAC Shares Purchased by Perfromance Wealth Partners LLC

Key Points

• Perfromance Wealth Partners LLC increased its stake in Bank of America by 67.8% in the 2nd quarter, bringing its holdings to 29,744 shares valued at approximately $1.4 million.
• Bank of America recently declared a quarterly dividend of $0.28, marking an increase from its previous dividend of $0.26, which reflects a 2.3% annual yield.
• A significant share buyback program of $40 billion has been authorized by Bank of America's board, indicating a belief that the stock is undervalued.

Perfromance Wealth Partners LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 67.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,744 shares of the financial services provider's stock after purchasing an additional 12,020 shares during the period. Perfromance Wealth Partners LLC's holdings in Bank of America were worth $1,408,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of BAC. Brighton Jones LLC raised its position in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Bank of America by 8.2% during the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider's stock worth $4,654,000 after purchasing an additional 8,435 shares during the last quarter. Elevation Point Wealth Partners LLC raised its position in shares of Bank of America by 35.2% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,181 shares of the financial services provider's stock worth $216,000 after purchasing an additional 1,348 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Bank of America by 64.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 5,534 shares of the financial services provider's stock worth $231,000 after purchasing an additional 2,179 shares during the last quarter. Finally, Hanson & Doremus Investment Management raised its holdings in Bank of America by 108.1% in the 1st quarter. Hanson & Doremus Investment Management now owns 4,813 shares of the financial services provider's stock valued at $201,000 after acquiring an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Bank of America stock opened at $48.86 on Tuesday. The firm has a 50 day simple moving average of $49.67 and a 200-day simple moving average of $45.59. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market cap of $361.93 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33.

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 earnings per share 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 business had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same quarter in the prior year, the company posted $0.83 EPS. The business's revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. Bank of America's dividend payout ratio is currently 32.75%.

Bank of America declared that its board has authorized a share buyback 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 generally a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have commented on BAC shares. HSBC increased their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a "hold" rating in a report on Thursday, October 2nd. Phillip Securities downgraded shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, July 25th. Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Wolfe Research increased their price objective on shares of Bank of America from $57.00 to $58.00 and gave the company an "outperform" rating in a report on Tuesday, October 7th. Finally, Seaport Global Securities increased their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a "buy" rating in a report on Monday, October 6th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.64.

Insider Buying and Selling at Bank of America

In other 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 represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

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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