Kickstand Ventures LLC. Acquires Shares of 19,250 Bank of America Corporation $BAC

Key Points

• Kickstand Ventures LLC acquired 19,250 shares of Bank of America worth approximately $911,000 during Q2, according to a recent SEC filing.
• Following insider James P. Demare's sale of 148,391 shares, he now holds 223,407 shares, marking a 39.91% decrease in ownership.
• Bank of America recently announced a $40 billion stock repurchase plan and increased its quarterly dividend to $0.28 per share, reflecting the company's strong financial position.

Kickstand Ventures LLC. acquired a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 19,250 shares of the financial services provider's stock, valued at approximately $911,000.

Other institutional investors also recently bought and sold shares of the company. Nova Wealth Management Inc. increased its stake in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 227 shares during the period. Cloud Capital Management LLC acquired a new position in shares of Bank of America during the first quarter worth about $40,000. Perkins Coie Trust Co increased its stake 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 acquiring an additional 423 shares during the period. Cranbrook Wealth Management LLC increased its stake 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 acquiring an additional 306 shares during the period. Finally, HighMark Wealth Management LLC increased its stake 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 acquiring an additional 743 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction dated 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 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 accessible through the SEC website. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BAC. TD Cowen boosted their price target on shares of Bank of America from $54.00 to $59.00 and gave the stock a "buy" rating in a research note on Friday. Truist Financial boosted their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Royal Bank Of Canada boosted their price target on shares of Bank of America from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday. Citigroup boosted their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, September 19th. Finally, Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Nineteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $53.38.

Bank of America Stock Up 0.3%

BAC stock opened at $50.63 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a market cap of $374.98 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company's 50-day moving average price is $49.37 and its 200 day moving average price is $45.28.

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, beating the consensus estimate 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 company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the prior year, the firm earned $0.83 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal 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 buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America's payout ratio is currently 32.75%.

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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