Maverick Capital Ltd. Invests $152.10 Million in Bank of America Corporation $BAC

Maverick Capital Ltd. acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,644,820 shares of the financial services provider’s stock, valued at approximately $152,098,000. Bank of America comprises about 2.7% of Maverick Capital Ltd.’s holdings, making the stock its 10th largest holding.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Continuum Advisory LLC grew its position in shares of Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock valued at $734,000 after acquiring an additional 237 shares during the period. Menard Financial Group LLC lifted its holdings in shares of Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock valued at $906,000 after acquiring an additional 240 shares during the last quarter. Maia Wealth LLC boosted its holdings in shares of Bank of America by 1.4% in the 1st 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. Northern Financial Advisors Inc increased its position in Bank of America by 1.8% during the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider’s stock valued at $600,000 after acquiring an additional 252 shares during the last quarter. Finally, Bank of Jackson Hole Trust grew its holdings in Bank of America by 1.4% during the 1st quarter. Bank of Jackson Hole Trust now owns 18,053 shares of the financial services provider’s stock valued at $832,000 after purchasing an additional 257 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction 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 represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. Cowen began coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating on the stock. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Oppenheimer raised their target price on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and boosted their price objective for the company from $47.00 to $51.00 in a report on Monday, July 7th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $50.13.

Bank of America Stock Performance

BAC opened at $50.76 on Monday. The company has a market cap of $375.98 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 1.97 and a beta of 1.34. The firm’s fifty day simple moving average is $47.61 and its two-hundred day simple moving average is $43.93. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $50.92.

Bank of America (NYSE:BAC) last issued its quarterly 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 firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the company posted $0.83 EPS. Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a share repurchase 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 typically a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors 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 a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is presently 30.41%.

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.