Jump Financial LLC Sells 14,338 Shares of Bank of America Corporation $BAC

Key Points

• Jump Financial LLC has reduced its stake in Bank of America by 23.2%, selling 14,338 shares and holding 47,450 shares worth approximately $1,980,000 at the end of the last quarter.
• Bank of America recently approved a $40 billion share buyback program, indicating that its board believes the stock is undervalued.
• The company declared a quarterly dividend of $0.28 per share, an increase from the previous dividend of $0.26, with an ex-dividend date on September 5th.

Jump Financial LLC decreased its position in Bank of America Corporation (NYSE:BAC - Free Report) by 23.2% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 47,450 shares of the financial services provider's stock after selling 14,338 shares during the period. Jump Financial LLC's holdings in Bank of America were worth $1,980,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of BAC. Deutsche Bank AG lifted its stake in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Bank of America by 31.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider's stock valued at $1,716,318,000 after acquiring an additional 9,258,040 shares in the last quarter. Theleme Partners LLP bought a new stake in shares of Bank of America during the 4th quarter worth approximately $263,449,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Bank of America by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider's stock worth $1,981,816,000 after purchasing an additional 5,092,504 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Bank of America during the 4th quarter worth approximately $217,979,000. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BAC shares. Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Morgan Stanley upped their price objective on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. Finally, Oppenheimer upped their price objective on Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.13.

Bank of America Stock Performance

NYSE BAC traded up $0.27 on Friday, reaching $50.76. The stock had a trading volume of 32,491,463 shares, compared to its average volume of 34,794,552. 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 firm has a fifty day moving average of $47.61 and a two-hundred day moving average of $43.97. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $50.92. The company has a market cap of $375.98 billion, a P/E ratio of 14.84, a price-to-earnings-growth ratio of 1.96 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, beating 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 analyst estimates of $26.79 billion. During the same period in the prior year, the firm posted $0.83 EPS. The company's revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research 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 disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is currently 30.41%.

Bank of America announced that its board has authorized a share repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase 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 stock is undervalued.

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 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 completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company's stock.

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.