Lee Danner & Bass Inc. Acquires 12,312 Shares of Bank of America Corporation $BAC

Key Points

• Lee Danner & Bass Inc. increased its stake in Bank of America Corporation by 7.5%, acquiring 12,312 shares to own a total of 175,709 shares worth $8.3 million.
• Several large investors have also significantly raised their stakes in Bank of America, with Deutsche Bank AG's stake increasing by 45.1% and Unisphere Establishment raising its stake by an astounding 1,642.5%.
• Bank of America reported earnings of $1.06 per share for the last quarter, surpassing expectations, while also announcing a quarterly dividend of $0.28 per share set to be paid on December 26th.

Lee Danner & Bass Inc. grew its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 7.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 175,709 shares of the financial services provider's stock after acquiring an additional 12,312 shares during the quarter. Lee Danner & Bass Inc.'s holdings in Bank of America were worth $8,315,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of BAC. Deutsche Bank AG raised its stake in shares of Bank of America by 45.1% in 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 purchasing an additional 14,960,086 shares in the last quarter. Unisphere Establishment raised its stake in shares of Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider's stock valued at $175,057,000 after purchasing an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Bank of America in the second quarter valued at $164,623,000. Maverick Capital Ltd. acquired a new position in shares of Bank of America in the first quarter valued at $152,098,000. Finally, AMF Tjanstepension AB raised its stake in shares of Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider's stock valued at $421,564,000 after purchasing an additional 3,438,876 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAC has been the subject of several recent analyst reports. Barclays increased their price objective on Bank of America from $54.00 to $59.00 and gave the stock an "overweight" rating in a research note on Thursday, October 16th. Deutsche Bank Aktiengesellschaft increased their price objective on Bank of America from $56.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Piper Sandler increased their price objective on Bank of America from $50.00 to $55.00 and gave the stock a "neutral" rating in a research note on Thursday, October 16th. HSBC increased their price objective on Bank of America from $51.00 to $53.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. Finally, Erste Group Bank upgraded Bank of America from a "hold" rating to a "buy" rating in a research note on Friday, October 3rd. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $57.23.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $52.56 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The firm has a market cap of $389.28 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 1.94 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business has a fifty day moving average of $50.47 and a 200-day moving average of $46.19.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm's quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $0.81 earnings per share. On average, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America's dividend payout ratio (DPR) is currently 30.52%.

Bank of America declared that its board has initiated a stock repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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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