Concord Asset Management LLC VA Has $1.56 Million Stake in Bank of America Corporation $BAC

Concord Asset Management LLC VA grew its stake in Bank of America Corporation (NYSE:BAC) by 22.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,915 shares of the financial services provider’s stock after purchasing an additional 5,962 shares during the period. Concord Asset Management LLC VA’s holdings in Bank of America were worth $1,558,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Deutsche Bank AG grew its position in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Unisphere Establishment boosted its position in shares of Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at about $164,623,000. Maverick Capital Ltd. acquired a new stake in shares of Bank of America during the 1st quarter valued at about $152,098,000. Finally, AMF Tjanstepension AB boosted its position in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after acquiring an additional 3,438,876 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred 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 transaction, the insider directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BAC. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research report on Wednesday, October 8th. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. The Goldman Sachs Group lifted their target price on shares of Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $54.64.

Bank of America Price Performance

NYSE:BAC opened at $48.62 on Monday. The firm has a market cap of $360.12 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. 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 company’s 50-day moving average price is $49.61 and its two-hundred day moving average price is $45.54.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the business earned $0.83 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share buyback 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 repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management 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. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date was 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 dividend yield of 2.3%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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.