Pure Financial Advisors LLC Boosts Stock Position in Bank of America Corporation $BAC

Pure Financial Advisors LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 21.7% in the second quarter, HoldingsChannel.com reports. The firm owned 41,718 shares of the financial services provider’s stock after purchasing an additional 7,431 shares during the period. Pure Financial Advisors LLC’s holdings in Bank of America were worth $1,974,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of BAC. Deutsche Bank AG boosted its holdings in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Unisphere Establishment boosted its holdings in shares of Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Bank of America during the second quarter worth about $164,623,000. Maverick Capital Ltd. purchased a new stake in shares of Bank of America during the first quarter worth about $152,098,000. Finally, Azora Capital LP lifted its holdings in Bank of America by 958.9% in the first quarter. Azora Capital LP now owns 3,344,363 shares of the financial services provider’s stock worth $139,560,000 after buying an additional 3,028,530 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE BAC opened at $50.44 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The company has a 50 day simple moving average of $49.33 and a two-hundred day simple moving average of $45.19. The company has a market capitalization of $373.57 billion, a price-to-earnings ratio of 14.75, a P/E/G ratio of 1.97 and a beta of 1.33. 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 earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the firm earned $0.83 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors 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%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is 32.75%.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’s 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 completion of the sale, the insider owned 223,407 shares of the company’s stock, 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 the SEC website. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. The Goldman Sachs Group set a $55.00 price objective on shares of Bank of America in a report on Tuesday. Truist Financial raised their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. HSBC raised their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company raised their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Seventeen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.88.

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.