Wincap Financial LLC Takes Position in Bank of America Corporation $BAC

Wincap Financial LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, Holdings Channel.com reports. The fund bought 4,938 shares of the financial services provider’s stock, valued at approximately $234,000.

Several other large investors also recently bought and sold shares of BAC. Brighton Jones LLC increased its stake in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the period. Golden State Wealth Management LLC lifted its stake in Bank of America by 7.8% in the first quarter. Golden State Wealth Management LLC now owns 24,276 shares of the financial services provider’s stock worth $1,013,000 after acquiring an additional 1,765 shares during the last quarter. Sovran Advisors LLC grew its holdings in Bank of America by 37.4% during the 1st quarter. Sovran Advisors LLC now owns 8,153 shares of the financial services provider’s stock worth $340,000 after acquiring an additional 2,218 shares in the last quarter. Hills Bank & Trust Co increased its position in shares of Bank of America by 7.3% in the 1st quarter. Hills Bank & Trust Co now owns 8,131 shares of the financial services provider’s stock valued at $339,000 after purchasing an additional 550 shares during the last quarter. Finally, Shilanski & Associates Inc. raised its holdings in shares of Bank of America by 6.9% in the 1st quarter. Shilanski & Associates Inc. now owns 119,999 shares of the financial services provider’s stock valued at $5,008,000 after purchasing an additional 7,772 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Bank of America Trading Up 0.8%

NYSE:BAC opened at $52.98 on Tuesday. The company has a market capitalization of $392.43 billion, a PE ratio of 14.44, a P/E/G ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.07. The stock’s 50 day moving average price is $50.68 and its 200 day moving average price is $46.56. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 earnings per share. On average, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BAC. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. HSBC raised their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Truist Financial upped their price target on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Twenty-three research 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 a consensus rating of “Moderate Buy” and an average price target of $57.32.

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.