Bank of America Corporation $BAC Shares Acquired by Madrona Financial Services LLC

Madrona Financial Services LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 14.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,467 shares of the financial services provider’s stock after purchasing an additional 822 shares during the quarter. Madrona Financial Services LLC’s holdings in Bank of America were worth $306,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BAC. Nicholas Hoffman & Company LLC. lifted its holdings in Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares during the last quarter. Prosperity Wealth Management Inc. bought a new stake in Bank of America in the first quarter valued at $998,000. Alpha Cubed Investments LLC grew its position in shares of Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after acquiring an additional 17,619 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Bank of America by 170.5% in the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock worth $9,951,000 after acquiring an additional 150,299 shares during the period. Finally, Commerce Bank lifted its position in Bank of America by 2.3% in the 1st quarter. Commerce Bank now owns 1,124,755 shares of the financial services provider’s stock valued at $46,936,000 after purchasing an additional 25,618 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $50.67 on Thursday. The stock has a market capitalization of $375.29 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.00 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. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The business has a 50-day moving average price of $49.29 and a two-hundred day moving average price of $45.13.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for 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 business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.83 earnings per share. Equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

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

Bank of America announced that its board has authorized a stock buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Evercore ISI lifted their price objective on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. HSBC cut shares of Bank of America from a “buy” rating to a “hold” rating and increased their price objective for the company from $47.00 to $51.00 in a report on Monday, July 7th. Finally, Truist Financial upped their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.78.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Bank of America 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.