Bank of America Co. (NYSE:BAC) Shares Acquired by J. W. Coons Advisors LLC

J. W. Coons Advisors LLC grew its position in Bank of America Co. (NYSE:BAC) by 21.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,676 shares of the financial services provider’s stock after purchasing an additional 1,700 shares during the period. J. W. Coons Advisors LLC’s holdings in Bank of America were worth $385,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Delos Wealth Advisors LLC lifted its stake in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC raised its holdings in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $30,000. Livelsberger Financial Advisory purchased a new stake in shares of Bank of America during the 4th quarter valued at about $28,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the 1st quarter valued at about $33,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 1.4 %

Shares of BAC stock opened at $40.75 on Friday. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The firm has a market capitalization of $316.20 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.46 and a beta of 1.35. The stock has a fifty day moving average of $40.23 and a two-hundred day moving average of $38.30. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the prior year, the business posted $0.88 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, research analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.55%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Bank of America declared that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. BMO Capital Markets raised their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Royal Bank of Canada raised their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.07.

Insider Activity at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. Insiders sold 99,609,567 shares of company stock valued at $4,122,483,669 over the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

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.