Strategies Wealth Advisors LLC Takes $216,000 Position in Bank of America Corporation $BAC

Key Points

• Strategies Wealth Advisors LLC has acquired a new position in Bank of America Corporation, purchasing 5,167 shares valued at approximately $216,000.
• Bank of America has announced a $40 billion stock buyback program, indicating management's belief that the stock is undervalued.
• Increased dividend payouts have been declared, with the quarterly dividend rising from $0.26 to $0.28 per share, reflecting a solid annualized yield of 2.3%.

Strategies Wealth Advisors LLC acquired a new stake in Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 5,167 shares of the financial services provider's stock, valued at approximately $216,000.

A number of other institutional investors also recently modified their holdings of the company. Hayek Kallen Investment Management boosted its stake in shares of Bank of America by 2.0% in the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after purchasing an additional 233 shares during the last quarter. Continuum Advisory LLC boosted its stake in shares of Bank of America by 1.4% in the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after purchasing an additional 237 shares during the last quarter. Menard Financial Group LLC boosted its stake in shares of Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after purchasing an additional 240 shares during the last quarter. Maia Wealth LLC boosted its stake in shares of Bank of America by 1.4% in the 1st quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider's stock valued at $723,000 after purchasing an additional 240 shares during the last quarter. Finally, Northern Financial Advisors Inc boosted its stake in shares of Bank of America by 1.8% in the 1st quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider's stock valued at $600,000 after purchasing an additional 252 shares during the last quarter. 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 on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company's stock.

Bank of America Stock Performance

BAC opened at $49.4850 on Friday. 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 fifty day moving average price is $47.06 and its two-hundred day moving average price is $43.86. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $49.66. The company has a market cap of $366.53 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 1.87 and a beta of 1.31.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping 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 firm 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 company posted $0.83 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has authorized a stock buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is 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 dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.3%. Bank of America's dividend payout ratio is currently 30.41%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of analyst reports. Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Robert W. Baird reiterated a "neutral" rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Truist Financial boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. The Goldman Sachs Group boosted their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Seventeen equities 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 currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.13.

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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