Purkiss Capital Advisors LLC Has $851,000 Stake in Bank of America Corporation (NYSE:BAC)

Purkiss Capital Advisors LLC raised its position in Bank of America Corporation (NYSE:BAC) by 66.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 20,383 shares of the financial services provider’s stock after purchasing an additional 8,152 shares during the period. Purkiss Capital Advisors LLC’s holdings in Bank of America were worth $851,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Brighton Jones LLC lifted its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG lifted its stake in Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after buying an additional 226,246 shares during the period. American Money Management LLC lifted its stake in Bank of America by 98.0% in the fourth quarter. American Money Management LLC now owns 12,664 shares of the financial services provider’s stock valued at $557,000 after buying an additional 6,268 shares during the period. Summit Securities Group LLC increased its holdings in shares of Bank of America by 17,800.0% during the fourth quarter. Summit Securities Group LLC now owns 17,900 shares of the financial services provider’s stock valued at $787,000 after acquiring an additional 17,800 shares in the last quarter. Finally, RWA Wealth Partners LLC increased its holdings in shares of Bank of America by 10.5% during the fourth quarter. RWA Wealth Partners LLC now owns 139,011 shares of the financial services provider’s stock valued at $6,110,000 after acquiring an additional 13,214 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.2%

BAC stock opened at $48.47 on Monday. The stock’s fifty day simple moving average is $45.91 and its two-hundred day simple moving average is $43.72. 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 $49.31. The stock has a market cap of $365.09 billion, a P/E ratio of 14.17, a P/E/G ratio of 1.88 and a beta of 1.30.

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 for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm earned $0.83 earnings per share. The business’s revenue 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 year.

Bank of America declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is currently 32.75%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. decreased their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Cowen assumed coverage on Bank of America in a report on Wednesday, May 14th. They set a “buy” rating for the company. Argus decreased their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. The Goldman Sachs Group boosted their price objective on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Finally, Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $50.03.

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.