10,991 Shares in Bank of America Corporation $BAC Purchased by Redwood Investment Management LLC

Redwood Investment Management LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 10,991 shares of the financial services provider’s stock, valued at approximately $459,000.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Vega Investment Solutions purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $30,000. Spurstone Advisory Services LLC bought a new stake in Bank of America in the fourth quarter valued at $34,000. Wood Tarver Financial Group LLC bought a new stake in Bank of America in the fourth quarter valued at $38,000. Mascagni Wealth Management Inc. purchased a new position in Bank of America during the 4th quarter valued at $40,000. Finally, Cloud Capital Management LLC bought a new position in Bank of America in the 1st quarter worth $40,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of Bank of America 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 directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. TD Cowen assumed coverage on Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price for the company. Finally, The Goldman Sachs Group lifted their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Seventeen 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.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $50.13.

Bank of America Stock Performance

Shares of Bank of America stock opened at $50.43 on Thursday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $50.63. The firm’s 50-day moving average is $47.39 and its 200 day moving average is $43.91. The stock has a market cap of $373.50 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 1.95 and a beta of 1.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the previous year, the company earned $0.83 earnings per share. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a share repurchase plan 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 reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s payout ratio is 30.41%.

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.