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

Next Level Private LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 7.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,399 shares of the financial services provider’s stock after acquiring an additional 2,208 shares during the period. Next Level Private LLC’s holdings in Bank of America were worth $1,486,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Nova Wealth Management Inc. grew its stake in shares of 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 last quarter. Vega Investment Solutions bought a new position in shares of Bank of America during the fourth quarter valued at $30,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the fourth quarter valued at $34,000. Wood Tarver Financial Group LLC bought a new position in shares of Bank of America during the fourth quarter valued at $38,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of Bank of America during the fourth quarter valued at $40,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC opened at $50.60 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The business has a 50-day simple moving average of $48.13 and a two-hundred day simple moving average of $44.28. The stock has a market cap of $374.79 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.34. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.96.

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

Bank of America Increases Dividend

The business also recently declared 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. The ex-dividend date is Friday, September 5th. 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 yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Bank of America announced that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. Morgan Stanley upped their price target on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, June 23rd. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. HSBC downgraded Bank of America from a “buy” rating to a “hold” rating and upped their price target for the company from $47.00 to $51.00 in a report on Monday, July 7th. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Saturday. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.39.

Insider Buying and Selling

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

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.