Triglav Skladi D.O.O. Increases Stock Position in Bank of America Corporation (NYSE:BAC)

Key Points

• Triglav Skladi D.O.O. increased its stake in Bank of America by 13.9%, now holding 184,240 shares valued at $7.69 million as of the latest filing.
• Bank of America approved a $40 billion stock repurchase plan, indicating the board believes the company's shares are undervalued.
• The company declared a new quarterly dividend of $0.28, marking an increase from the previous $0.26, with the dividend yield now at 2.4%.

Triglav Skladi D.O.O. lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 13.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 184,240 shares of the financial services provider's stock after acquiring an additional 22,452 shares during the period. Triglav Skladi D.O.O.'s holdings in Bank of America were worth $7,690,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BAC. Vega Investment Solutions purchased a new position in shares of Bank of America during the fourth quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America in the 4th quarter valued at $31,000. Spurstone Advisory Services LLC purchased a new position in Bank of America in the 4th quarter valued at $34,000. Wood Tarver Financial Group LLC purchased a new position in Bank of America in the 4th quarter valued at $38,000. Finally, Mascagni Wealth Management Inc. purchased a new position in Bank of America in the 4th quarter valued at $40,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 2.9%

Shares of BAC stock opened at $47.50 on Wednesday. The firm has a 50-day moving average price of $46.53 and a 200 day moving average price of $43.76. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.31. The company has a market capitalization of $351.83 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.79 and a beta of 1.31. 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 earnings results 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 firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.83 EPS. Research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally 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 will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.4%. Bank of America's dividend payout ratio (DPR) is presently 32.75%.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America 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 completion of the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research report on Monday, June 23rd. Barclays lowered their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Oppenheimer boosted their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Finally, UBS Group boosted their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $50.13.

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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