Financial Partners Group LLC Has $1.96 Million Stock Position in Bank of America Corporation $BAC

Financial Partners Group LLC reduced its stake in Bank of America Corporation (NYSE:BAC) by 3.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 41,371 shares of the financial services provider’s stock after selling 1,677 shares during the quarter. Financial Partners Group LLC’s holdings in Bank of America were worth $1,958,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of BAC. Deutsche Bank AG raised its holdings in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. GAMMA Investing LLC raised its holdings in Bank of America by 4,414.4% in the 1st quarter. GAMMA Investing LLC now owns 4,654,022 shares of the financial services provider’s stock valued at $194,212,000 after acquiring an additional 4,550,930 shares during the period. Unisphere Establishment raised its holdings in Bank of America by 1,642.5% in the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in Bank of America in the 2nd quarter valued at about $164,623,000. Finally, Maverick Capital Ltd. bought a new position in Bank of America in the 1st quarter valued at about $152,098,000. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Truist Financial increased their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Wells Fargo & Company raised their target price 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. Citigroup raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, September 19th. 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 investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.92.

Bank of America Stock Performance

NYSE BAC opened at $52.21 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $386.72 billion, a price-to-earnings ratio of 15.27, a P/E/G ratio of 2.02 and a beta of 1.34. The firm’s 50 day simple moving average is $49.07 and its 200 day simple moving average is $44.93. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the business posted $0.83 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Bank of America declared that its Board of Directors has approved 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 reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America 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 transaction, the insider owned 223,407 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

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.