WP Advisors LLC Buys Shares of 4,697 Bank of America Corporation $BAC

WP Advisors LLC bought a new position in Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 4,697 shares of the financial services provider’s stock, valued at approximately $222,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Deutsche Bank AG lifted its stake in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Unisphere Establishment grew its stake in shares of Bank of America by 1,642.5% in 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 period. Kingstone Capital Partners Texas LLC bought a new stake in shares of Bank of America in the second quarter worth approximately $164,623,000. Maverick Capital Ltd. purchased a new position in shares of Bank of America during the first quarter valued at approximately $152,098,000. Finally, AMF Tjanstepension AB lifted its holdings 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 buying an additional 3,438,876 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of NYSE BAC opened at $52.92 on Friday. The stock has a market cap of $386.45 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The firm has a fifty day moving average price of $51.57 and a 200-day moving average price of $47.90. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the firm posted $0.81 EPS. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. Equities 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 of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Morgan Stanley lifted their price objective on Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. TD Cowen boosted their price target on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Piper Sandler increased their price objective on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. Barclays boosted their target price on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Finally, HSBC increased their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

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.