GK Wealth Management LLC Has $251,000 Position in Bank of America Corporation $BAC

GK Wealth Management LLC reduced its stake in Bank of America Corporation (NYSE:BAC) by 18.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,023 shares of the financial services provider’s stock after selling 1,353 shares during the period. GK Wealth Management LLC’s holdings in Bank of America were worth $251,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Continuum Advisory LLC lifted its position in Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 237 shares during the period. Cape Investment Advisory Inc. lifted its position in Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 238 shares during the period. Menard Financial Group LLC lifted its position in Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after purchasing an additional 240 shares during the period. Maia Wealth LLC lifted its position in Bank of America by 1.4% during the first quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider’s stock worth $723,000 after purchasing an additional 240 shares during the period. Finally, Northern Financial Advisors Inc lifted its holdings in shares of Bank of America by 1.8% in the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider’s stock worth $600,000 after acquiring an additional 252 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Citigroup increased their target price on shares of Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and raised their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. TD Cowen began coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. Truist Financial raised their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Finally, Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.39.

Insider Buying and Selling

In other Bank of America 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 transaction of $6,762,177.87. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

Bank of America Trading Down 0.2%

Shares of Bank of America stock opened at $50.17 on Thursday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $50.92. The stock’s 50-day simple moving average is $48.06 and its 200 day simple moving average is $44.19. The stock has a market capitalization of $371.57 billion, a P/E ratio of 14.67, a P/E/G ratio of 1.95 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the previous year, the business posted $0.83 EPS. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is 32.75%.

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

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.