Gleason Group Inc. Has $4.31 Million Stake in Bank of America Corporation $BAC

Key Points

• Gleason Group Inc. decreased its stake in Bank of America Corp by 7.8% during the 2nd quarter, now holding approximately $4.31 million worth of shares, which constitute about 0.5% of its investment portfolio.
• Bank of America has recently announced an authorization for a $40 billion share repurchase program, indicating that the company's leadership believes its shares are undervalued.
• The stock's quarterly EPS was reported at $0.89, exceeding analysts' estimates, while a new quarterly dividend of $0.28 per share reflects a slight increase from the previous $0.26.

Gleason Group Inc. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 7.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 91,053 shares of the financial services provider's stock after selling 7,711 shares during the quarter. Bank of America accounts for approximately 0.5% of Gleason Group Inc.'s investment portfolio, making the stock its 22nd largest position. Gleason Group Inc.'s holdings in Bank of America were worth $4,309,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BAC. Nova Wealth Management Inc. grew its holdings in shares of 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 worth $25,000 after purchasing an additional 227 shares during the last quarter. Cloud Capital Management LLC bought a new stake in shares of Bank of America during the first quarter worth about $40,000. Perkins Coie Trust Co grew its holdings in shares of Bank of America by 67.8% during the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider's stock worth $44,000 after purchasing an additional 423 shares during the last quarter. Cranbrook Wealth Management LLC grew its holdings in shares of Bank of America by 41.2% during the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider's stock worth $44,000 after purchasing an additional 306 shares during the last quarter. Finally, HighMark Wealth Management LLC grew its holdings in shares of Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider's stock worth $43,000 after purchasing an additional 743 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Bank of America stock opened at $52.36 on Tuesday. The stock has a market capitalization of $387.83 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 2.02 and a beta of 1.34. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The stock's 50 day moving average price is $49.16 and its two-hundred day moving average price is $45.05. 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 (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 (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the prior year, the business earned $0.83 EPS. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities analysts predict 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 authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America's payout ratio is currently 32.75%.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company's stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on BAC shares. Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. HSBC cut Bank of America from a "buy" rating to a "hold" rating and upped their target price for the company from $47.00 to $51.00 in a report on Monday, July 7th. Oppenheimer reduced their target price on Bank of America from $57.00 to $56.00 and set an "outperform" rating on the stock in a report on Tuesday, September 23rd. Finally, Phillip Securities cut Bank of America from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, July 25th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $51.82.

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.

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