LeConte Wealth Management LLC Takes Position in Bank of America Corporation $BAC

Key Points

• LeConte Wealth Management LLC acquired 7,017 shares of Bank of America Corp, valued at approximately $332,000 in the second quarter.
• Bank of America has initiated a $40 billion share buyback program, indicating that its board believes the stock is undervalued.
• The company increased its quarterly dividend from $0.26 to $0.28, reflecting a commitment to returning value to shareholders.

LeConte Wealth Management LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,017 shares of the financial services provider's stock, valued at approximately $332,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. Deutsche Bank AG raised its stake in shares of Bank of America by 45.1% during the first 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 during the last quarter. GAMMA Investing LLC raised its stake in shares of Bank of America by 4,414.4% during the first quarter. GAMMA Investing LLC now owns 4,654,022 shares of the financial services provider's stock valued at $194,212,000 after acquiring an additional 4,550,930 shares during the last quarter. Unisphere Establishment raised its stake in shares of Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider's stock valued at $175,057,000 after acquiring an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of Bank of America during the second quarter valued at about $164,623,000. Finally, Maverick Capital Ltd. bought a new position in shares of Bank of America during the first quarter valued at about $152,098,000. 70.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

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 in the company, valued at approximately $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 can be accessed through this link. Company insiders own 0.30% of the company's stock.

Bank of America Price Performance

Shares of BAC opened at $51.67 on Thursday. The stock has a market cap of $382.69 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 2.01 and a beta of 1.34. 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 Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm's 50-day simple moving average is $48.87 and its two-hundred day simple moving average is $44.73.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.83 earnings per share. Analysts anticipate 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 authorized 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 an indication that the company's board believes its shares are undervalued.

Bank of America Increases Dividend

The firm 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio is currently 32.75%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Truist Financial upped their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday. Citigroup boosted their price target on shares of Bank of America from $54.00 to $58.00 and gave the company a "buy" rating in a research report on Friday, September 19th. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Oppenheimer reduced their price target on shares of Bank of America from $57.00 to $56.00 and set an "outperform" rating on the stock in a research report on Tuesday. Finally, Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $50.92.

About Bank of America

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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