Thurston Springer Miller Herd & Titak Inc. Has $406,000 Stock Holdings in Bank of America Corporation $BAC

Key Points

• Thurston Springer Miller Herd & Titak Inc. reduced its holdings in Bank of America by 39.3%, owning 8,584 shares valued at $406,000 after selling 5,552 shares in the second quarter.
• The bank recently initiated a $40 billion stock buyback program, which allows the purchase of up to 11.1% of its shares, indicating potential undervaluation according to the board of directors.
• Bank of America also announced a quarterly dividend increase from $0.26 to $0.28 per share, representing an annualized dividend of $1.12 and a yield of 2.2%.

Thurston Springer Miller Herd & Titak Inc. trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 39.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,584 shares of the financial services provider's stock after selling 5,552 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.'s holdings in Bank of America were worth $406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Brighton Jones LLC raised its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG raised its stake in Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after buying an additional 226,246 shares during the period. Texas Bank & Trust Co acquired a new position in Bank of America during the 4th quarter worth approximately $244,000. Two Sigma Advisers LP raised its stake in Bank of America by 14.4% during the 4th quarter. Two Sigma Advisers LP now owns 11,677,600 shares of the financial services provider's stock worth $513,231,000 after buying an additional 1,469,700 shares during the period. Finally, Triglav Skladi D.O.O. acquired a new position in Bank of America during the 4th quarter worth approximately $7,112,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $50.60 on Tuesday. The stock has a fifty day simple moving average of $48.17 and a two-hundred day simple moving average of $44.31. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $51.09. The firm has a market cap of $374.79 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.34. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

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, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America's revenue was up 4.3% compared to the same quarter last year. During the same period 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 year.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio (DPR) is currently 32.75%.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the 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 sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. Citigroup upped their price target on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Morgan Stanley boosted their price objective on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a report on Saturday. Oppenheimer boosted their price objective on Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Finally, The Goldman Sachs Group boosted their price objective on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $50.39.

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.

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