Next Level Private LLC Grows Stake in Bank of America Corporation $BAC

Next Level Private LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 7.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,399 shares of the financial services provider’s stock after purchasing an additional 2,208 shares during the quarter. Next Level Private LLC’s holdings in Bank of America were worth $1,486,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BAC. Brighton Jones LLC grew its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Bank of America by 35.7% during the 4th 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 in the last quarter. Strive Asset Management LLC purchased a new position in Bank of America during the 4th quarter valued at approximately $896,000. Stonebrook Private Inc. grew its holdings in Bank of America by 4.5% during the 4th quarter. Stonebrook Private Inc. now owns 18,503 shares of the financial services provider’s stock valued at $813,000 after buying an additional 804 shares in the last quarter. Finally, TrinityPoint Wealth LLC grew its holdings in Bank of America by 1.5% during the 4th quarter. TrinityPoint Wealth LLC now owns 37,137 shares of the financial services provider’s stock valued at $1,632,000 after buying an additional 544 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $50.60 on Monday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $50.96. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market capitalization of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.34. The stock has a 50 day moving average price of $48.13 and a 200 day moving average price of $44.28.

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 (EPS) for the quarter, topping 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 firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the company earned $0.83 EPS. Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share 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. Investors of record on Friday, September 5th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 32.75%.

Bank of America announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have weighed in on BAC shares. Truist Financial raised their price target on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. HSBC cut Bank of America from a “buy” rating to a “hold” rating and raised their price target for the company from $47.00 to $51.00 in a report on Monday, July 7th. Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Finally, Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.39.

Insider Activity

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 stock was 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 directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

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.