Bank of America Corporation $BAC is DMKC Advisory Services LLC’s 3rd Largest Position

DMKC Advisory Services LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 52.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 165,096 shares of the financial services provider’s stock after purchasing an additional 56,534 shares during the period. Bank of America makes up 4.1% of DMKC Advisory Services LLC’s investment portfolio, making the stock its 3rd largest holding. DMKC Advisory Services LLC’s holdings in Bank of America were worth $7,763,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EWA LLC increased its stake in shares of Bank of America by 21.5% during the second quarter. EWA LLC now owns 8,129 shares of the financial services provider’s stock valued at $385,000 after purchasing an additional 1,440 shares in the last quarter. Northstar Group Inc. purchased a new position in shares of Bank of America in the second quarter worth $225,000. Pure Financial Advisors LLC boosted its holdings in shares of Bank of America by 21.7% during the 2nd quarter. Pure Financial Advisors LLC now owns 41,718 shares of the financial services provider’s stock valued at $1,974,000 after acquiring an additional 7,431 shares during the last quarter. BSW Wealth Partners purchased a new stake in Bank of America during the 2nd quarter valued at $227,000. Finally, Woodward Diversified Capital LLC grew its holdings in shares of Bank of America by 28.2% in the second quarter. Woodward Diversified Capital LLC now owns 39,544 shares of the financial services provider’s stock worth $1,871,000 after acquiring an additional 8,709 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 1.8%

Shares of NYSE:BAC opened at $50.67 on Thursday. The business has a 50 day moving average of $49.29 and a two-hundred day moving average of $45.13. 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 Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The company has a market capitalization of $375.29 billion, a PE ratio of 14.81, a PEG ratio of 2.00 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period last year, the firm posted $0.83 earnings per share. The company’s revenue was up 4.3% compared to the same quarter last year. As a group, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is 32.75%.

Bank of America announced that its Board of Directors has initiated a share buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. Wells Fargo & Company lifted their target price on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Truist Financial raised their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. HSBC cut shares of Bank of America from a “buy” rating to a “hold” rating and boosted their price target for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Evercore ISI upped their price objective on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $52.78.

Insiders Place Their Bets

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were 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 of the company’s stock, valued at approximately $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 can be accessed through this link. 0.30% of the stock is owned by insiders.

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.