Brucke Financial Inc. increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 18,866 shares of the financial services provider’s stock after acquiring an additional 1,032 shares during the period. Brucke Financial Inc.’s holdings in Bank of America were worth $893,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in BAC. Deutsche Bank AG increased its holdings in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Unisphere Establishment increased its holdings in shares of Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Bank of America during the 2nd quarter valued at about $164,623,000. Maverick Capital Ltd. acquired a new position in shares of Bank of America during the 1st quarter valued at about $152,098,000. Finally, AMF Tjanstepension AB increased its holdings in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after acquiring an additional 3,438,876 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.
Bank of America Price Performance
Shares of BAC stock opened at $48.62 on Friday. The company has a market capitalization of $360.12 billion, a P/E ratio of 14.22, a P/E/G ratio of 1.93 and a beta of 1.33. 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 stock has a 50 day moving average of $49.61 and a two-hundred day moving average of $45.50. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88.
Bank of America declared that its Board of Directors has initiated a stock 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 buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Bank of America Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is presently 32.75%.
Insider Transactions at Bank of America
In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on 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 transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.
Analyst Ratings Changes
A number of analysts have issued reports on the company. HSBC raised their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Seaport Global Securities raised their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. TD Cowen raised their target price on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Truist Financial raised their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Finally, Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a report on Saturday. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.64.
Read Our Latest Stock Analysis on BAC
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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