Jmac Enterprises LLC Buys 3,303 Shares of Bank of America Corporation $BAC

Jmac Enterprises LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 20.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,740 shares of the financial services provider’s stock after purchasing an additional 3,303 shares during the period. Jmac Enterprises LLC’s holdings in Bank of America were worth $934,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BAC. Nova Wealth Management Inc. raised its position in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the period. Cloud Capital Management LLC bought a new position in Bank of America in the first quarter worth approximately $40,000. HighMark Wealth Management LLC raised its position in Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 743 shares during the period. Cranbrook Wealth Management LLC raised its position in Bank of America by 41.2% in the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 306 shares during the period. Finally, Perkins Coie Trust Co raised its position in Bank of America by 67.8% in the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 423 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In related 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 transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $50.44 on Friday. 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 fifty day moving average price of $49.33 and a 200 day moving average price of $45.19. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm has a market cap of $373.57 billion, a price-to-earnings ratio of 14.75, a P/E/G ratio of 1.97 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the business earned $0.83 earnings per share. Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, sell-side analysts expect 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 approved a stock buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. The Goldman Sachs Group set a $55.00 price target on shares of Bank of America in a research report on Tuesday. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Citigroup increased their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Finally, Wells Fargo & Company increased their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Seventeen 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.88.

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.