5,717 Shares in Bank of America Corporation $BAC Purchased by WPG Advisers LLC

Key Points

• WPG Advisers LLC invested approximately $239,000 in Bank of America by purchasing 5,717 shares during the first quarter.
• Bank of America announced a quarterly dividend increase from $0.26 to $0.28 per share, with an annualized yield of 2.2%.
• Several analysts have raised their price targets for Bank of America, with a consensus rating of "Moderate Buy" and a price target of $50.13.

WPG Advisers LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,717 shares of the financial services provider's stock, valued at approximately $239,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nicholas Hoffman & Company LLC. raised its holdings in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock worth $2,589,000 after buying an additional 33,963 shares during the period. Gradient Investments LLC raised its holdings in shares of Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Prosperity Wealth Management Inc. acquired a new stake in shares of Bank of America in the first quarter valued at approximately $998,000. Alpha Cubed Investments LLC raised its holdings in shares of Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock valued at $2,714,000 after purchasing an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Bank of America by 170.5% in the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock valued at $9,951,000 after purchasing an additional 150,299 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BAC shares. Citigroup boosted their target price on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an "outperform" rating in a report on Monday, June 30th. Phillip Securities downgraded shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, July 25th. TD Cowen started coverage on shares of Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 target price on the stock. Finally, Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Seventeen 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 company has an average rating of "Moderate Buy" and a consensus target price of $50.13.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business'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 completion of the sale, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company's stock.

Bank of America Stock Performance

BAC stock traded down $0.60 during midday trading on Tuesday, reaching $50.14. 23,914,753 shares of the company were exchanged, compared to its average volume of 41,806,473. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The business has a 50-day moving average price of $47.69 and a two-hundred day moving average price of $43.96. Bank of America Corporation has a one year low of $33.06 and a one year high of $50.92. The firm has a market capitalization of $371.38 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 1.97 and a beta of 1.34.

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 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during 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 company's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.83 earnings per share. Equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America's dividend payout ratio (DPR) is presently 30.41%.

Bank of America announced that its Board of Directors has initiated a share buyback 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

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.