Bank of America Corporation $BAC Shares Purchased by Corundum Group Inc.

Corundum Group Inc. increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.7% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,847 shares of the financial services provider’s stock after purchasing an additional 407 shares during the quarter. Corundum Group Inc.’s holdings in Bank of America were worth $1,176,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Wealth Advisory Solutions LLC increased its position in Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares in the last quarter. Centurion Wealth Management LLC boosted its holdings in Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 225 shares during the period. Nova Wealth Management Inc. boosted its holdings in Bank of America by 75.2% in the 2nd 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. Cape Investment Advisory Inc. boosted its holdings in Bank of America by 1.9% in the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after acquiring an additional 238 shares during the period. Finally, Rainier Family Wealth Inc. boosted its holdings in Bank of America by 3.9% in the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after acquiring an additional 239 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction 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 transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by company insiders.

Bank of America Stock Performance

Bank of America stock opened at $50.63 on Friday. The stock has a 50 day moving average of $49.37 and a 200-day moving average of $45.26. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The stock has a market cap of $374.98 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same period last year, the business posted $0.83 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BAC shares. The Goldman Sachs Group upped their price target on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Friday. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a report on Saturday, September 27th. Oppenheimer decreased their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Deutsche Bank Aktiengesellschaft upped their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, TD Cowen increased their target price on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. Nineteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $53.38.

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.