Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases 25,669 Shares of Bank of America Corporation (NYSE:BAC)

Key Points

• Empirical Wealth Management increased its position in Bank of America by 29.3% during the first quarter, owning 113,199 shares valued at approximately $4.72 million after additional purchases.
• The stock is currently facing mixed ratings, with one analyst rating it a sell, five a hold, and seventeen giving it a buy rating, alongside a consensus target price of $50.13.
• Bank of America announced a quarterly dividend increase to $0.28 per share and initiated a share repurchase plan to buy back $40 billion worth of its shares, indicating confidence in its stock valuation.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 29.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 113,199 shares of the financial services provider's stock after purchasing an additional 25,669 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Bank of America were worth $4,724,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Brighton Jones LLC increased its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after buying an additional 226,246 shares in the last quarter. Nicolet Advisory Services LLC increased its holdings in shares of Bank of America by 3.9% during the fourth quarter. Nicolet Advisory Services LLC now owns 31,984 shares of the financial services provider's stock worth $1,443,000 after buying an additional 1,202 shares in the last quarter. Westpac Banking Corp increased its holdings in shares of Bank of America by 14.0% during the fourth quarter. Westpac Banking Corp now owns 283,289 shares of the financial services provider's stock worth $12,451,000 after buying an additional 34,826 shares in the last quarter. Finally, World Investment Advisors increased its holdings in shares of Bank of America by 17.4% during the fourth quarter. World Investment Advisors now owns 137,308 shares of the financial services provider's stock worth $6,035,000 after buying an additional 20,357 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 3.4%

Shares of NYSE:BAC traded down $1.62 during midday trading on Friday, reaching $45.65. 52,302,841 shares of the company were exchanged, compared to its average volume of 39,411,248. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock has a fifty day simple moving average of $46.27 and a two-hundred day simple moving average of $43.81. The firm has a market cap of $343.83 billion, a PE ratio of 13.35, a P/E/G ratio of 1.84 and a beta of 1.31.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS 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 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 earnings per share. The firm's quarterly revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan 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 repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, September 5th. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is presently 30.41%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America 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 sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the topic of several research analyst reports. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. Robert W. Baird reissued a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Argus decreased their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Truist Financial increased their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $50.13.

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.