Huber Capital Management LLC Increases Position in Bank of America Corporation $BAC

Key Points

• Huber Capital Management LLC increased its holdings in Bank of America by 4.5% during the 1st quarter, now owning 348,459 shares valued at approximately $14.5 million, representing 2.7% of its investment portfolio.
• Bank of America announced a quarterly dividend increase to $0.28 per share from $0.26, along with a share buyback program authorizing the repurchase of up to $40 billion in stock.
• Analysts have varying views on Bank of America, with Citigroup upgrading its target price to $54.00, while others have downgraded the stock, highlighting a consensus rating of "Moderate Buy" with a target price of $50.13.

Huber Capital Management LLC boosted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 4.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 348,459 shares of the financial services provider's stock after acquiring an additional 15,000 shares during the quarter. Bank of America accounts for approximately 2.7% of Huber Capital Management LLC's investment portfolio, making the stock its 10th biggest holding. Huber Capital Management LLC's holdings in Bank of America were worth $14,541,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Continuum Advisory LLC lifted its position in shares of Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock worth $734,000 after buying an additional 237 shares in the last quarter. Menard Financial Group LLC lifted its position in shares of Bank of America by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock worth $906,000 after buying an additional 240 shares in the last quarter. Maia Wealth LLC lifted its position in shares of Bank of America by 1.4% during the 1st quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider's stock worth $723,000 after buying an additional 240 shares in the last quarter. Northern Financial Advisors Inc lifted its position in shares of Bank of America by 1.8% during the 1st quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider's stock worth $600,000 after buying an additional 252 shares in the last quarter. Finally, Bank of Jackson Hole Trust lifted its position in shares of Bank of America by 1.4% during the 1st quarter. Bank of Jackson Hole Trust now owns 18,053 shares of the financial services provider's stock worth $832,000 after buying an additional 257 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 0.3%

NYSE:BAC opened at $50.43 on Thursday. The company has a market cap of $373.50 billion, a P/E ratio of 14.74, a P/E/G ratio of 1.95 and a beta of 1.31. The stock's fifty day moving average price is $47.39 and its two-hundred day moving average price is $43.91. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $50.63. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

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, topping the consensus estimate of $0.86 by $0.03. The firm 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 quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 earnings per share. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a share buyback program 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 buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio (DPR) is currently 32.75%.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Citigroup lifted their target price on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an "outperform" rating in a research report on Monday, June 30th. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Baird R W downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Finally, Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.13.

Bank of America Company 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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