Goepper Burkhardt LLC Acquires New Shares in Bank of America Corporation (NYSE:BAC)

Goepper Burkhardt LLC bought a new stake in Bank of America Corporation (NYSE:BAC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,249 shares of the financial services provider's stock, valued at approximately $219,000.

Several other large investors also recently bought and sold shares of BAC. Brighton Jones LLC lifted its position in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in 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 during the period. Virtu Financial LLC purchased a new position in Bank of America during the fourth quarter worth about $243,000. Fox Run Management L.L.C. purchased a new position in Bank of America during the fourth quarter worth about $219,000. Finally, CoreFirst Bank & Trust purchased a new position in Bank of America during the fourth quarter worth about $343,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC stock traded up $0.25 on Thursday, hitting $48.39. 42,918,213 shares of the stock traded hands, compared to its average volume of 43,231,256. 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 company has a market capitalization of $364.43 billion, a PE ratio of 14.08, a PEG ratio of 1.87 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $49.31. The company's fifty day moving average is $45.75 and its 200 day moving average is $43.72.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $0.83 EPS. On average, equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.31%. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is presently 30.41%.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Evercore ISI dropped their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Cfra Research upped their price target on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. HSBC lowered Bank of America from a "buy" rating to a "hold" rating and upped their price target for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Finally, Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $50.03.

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.