Kingstone Capital Partners Texas LLC Makes New $164.62 Million Investment in Bank of America Corporation $BAC

Kingstone Capital Partners Texas LLC purchased a new position in Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,688,182 shares of the financial services provider’s stock, valued at approximately $164,623,000.

Other hedge funds have also recently made changes to their positions in the company. Nova Wealth Management Inc. grew its holdings in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Vega Investment Solutions acquired a new position in shares of Bank of America during the fourth quarter valued at about $30,000. Wood Tarver Financial Group LLC acquired a new position in shares of Bank of America during the fourth quarter valued at about $38,000. Mascagni Wealth Management Inc. acquired a new position in shares of Bank of America during the fourth quarter valued at about $40,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Bank of America during the first quarter valued at about $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $52.27 on Friday. The firm has a market cap of $387.16 billion, a price-to-earnings ratio of 15.28, a P/E/G ratio of 2.02 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 Corporation has a 52 week low of $33.06 and a 52 week high of $52.66. The firm’s 50-day simple moving average is $48.55 and its two-hundred day simple moving average is $44.52.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 earnings per share. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has initiated a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.28 dividend. 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 yield of 2.1%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s payout ratio is presently 32.75%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, June 23rd. Citigroup boosted their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday. The Goldman Sachs Group boosted their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Finally, Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.82.

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.