Bank of America Corporation $BAC Stock Position Raised by Concord Asset Management LLC VA

Key Points

• Concord Asset Management LLC increased its stake in Bank of America by 22.1% during the second quarter, now owning 32,915 shares valued at approximately $1.56 million.
• Bank of America announced a quarterly dividend increase to $0.28 per share, translating to an annual yield of 2.3%.
• The company is engaging in a $40 billion stock repurchase program to buy back up to 11.1% of its outstanding shares, indicating that management believes the stock is undervalued.

Concord Asset Management LLC VA lifted its position in Bank of America Corporation (NYSE:BAC) by 22.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 32,915 shares of the financial services provider's stock after acquiring an additional 5,962 shares during the quarter. Concord Asset Management LLC VA's holdings in Bank of America were worth $1,558,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Boston Common Asset Management LLC lifted its position in Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider's stock worth $12,288,000 after buying an additional 24,740 shares in the last quarter. Nicholas Hoffman & Company LLC. lifted its position in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock worth $2,589,000 after buying an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC lifted its position in Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider's stock worth $306,000 after buying an additional 439 shares in the last quarter. Prosperity Wealth Management Inc. purchased a new stake in Bank of America in the 1st quarter worth approximately $998,000. Finally, Alpha Cubed Investments LLC lifted its position in Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after buying an additional 17,619 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

NYSE:BAC opened at $48.62 on Monday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The firm's fifty day simple moving average is $49.61 and its 200 day simple moving average is $45.54. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $360.12 billion, a PE ratio of 14.22, a PEG ratio of 1.89 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating 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 business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the business posted $0.83 EPS. Bank of America's revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is 32.75%.

Bank of America announced that its board has initiated a stock repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Citigroup increased their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. TD Cowen increased their target price on shares of Bank of America from $54.00 to $59.00 and gave the stock a "buy" rating in a research report on Friday, October 3rd. Weiss Ratings restated a "buy (b-)" rating on shares of Bank of America in a report on Wednesday, October 8th. Robert W. Baird restated a "neutral" rating and set a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Finally, The Goldman Sachs Group raised their price target on shares of Bank of America from $56.00 to $59.00 and gave the company a "buy" rating in a report on Friday, October 3rd. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $54.64.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction 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 transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.30% of the company's stock.

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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