Brucke Financial Inc. Acquires 1,032 Shares of Bank of America Corporation $BAC

Brucke Financial Inc. lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 5.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,866 shares of the financial services provider’s stock after acquiring an additional 1,032 shares during the quarter. Brucke Financial Inc.’s holdings in Bank of America were worth $893,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Deutsche Bank AG raised its position in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Unisphere Establishment raised its position in shares of Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after acquiring an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Bank of America during the second quarter worth $164,623,000. Maverick Capital Ltd. acquired a new stake in shares of Bank of America during the first quarter worth $152,098,000. Finally, AMF Tjanstepension AB grew its stake in shares of Bank of America by 62.9% during the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after purchasing an additional 3,438,876 shares during the period. Institutional investors 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 company’s stock in a transaction dated 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 sale, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on BAC shares. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a research note on Saturday. JPMorgan Chase & Co. lifted their price objective on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a report on Friday. Truist Financial lifted their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a report on Wednesday. Finally, Royal Bank Of Canada lifted their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $54.64.

Bank of America Stock Down 2.4%

BAC stock opened at $48.62 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market capitalization of $360.12 billion, a P/E ratio of 14.22, a P/E/G ratio of 1.93 and a beta of 1.33. The business has a 50-day moving average of $49.61 and a 200-day moving average of $45.50. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share 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 company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the prior year, the firm earned $0.83 earnings per share. Bank of America’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a stock repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is 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 issued a dividend of $0.28 per share. The ex-dividend date was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.3%. Bank of America’s dividend payout ratio is currently 32.75%.

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.