Aigen Investment Management LP Boosts Stake in Bank of America Corporation (NYSE:BAC)

Aigen Investment Management LP raised its position in Bank of America Corporation (NYSE:BAC) by 90.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 17,968 shares of the financial services provider’s stock after purchasing an additional 8,530 shares during the period. Aigen Investment Management LP’s holdings in Bank of America were worth $750,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cooper Financial Group increased its stake in shares of Bank of America by 7.9% during the 1st quarter. Cooper Financial Group now owns 47,943 shares of the financial services provider’s stock worth $2,001,000 after purchasing an additional 3,502 shares during the last quarter. Virtu Financial LLC increased its stake in shares of Bank of America by 1,113.1% during the 1st quarter. Virtu Financial LLC now owns 66,963 shares of the financial services provider’s stock worth $2,794,000 after purchasing an additional 61,443 shares during the last quarter. Biltmore Family Office LLC increased its stake in shares of Bank of America by 2.3% during the 1st quarter. Biltmore Family Office LLC now owns 39,485 shares of the financial services provider’s stock worth $1,648,000 after purchasing an additional 904 shares during the last quarter. Atlas Capital Advisors Inc. increased its stake in shares of Bank of America by 38.4% during the 1st quarter. Atlas Capital Advisors Inc. now owns 3,603 shares of the financial services provider’s stock worth $150,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Pandora Wealth Inc. purchased a new stake in shares of Bank of America during the 1st quarter worth approximately $83,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research note on Monday, June 23rd. Barclays decreased their price target on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Robert W. Baird restated a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. UBS Group raised their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Finally, Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.13.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction 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 sale, the insider 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 SEC, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $46.15 on Tuesday. The firm’s fifty day moving average price is $46.47 and its 200-day moving average price is $43.74. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a market cap of $341.85 billion, a P/E ratio of 13.50, a price-to-earnings-growth ratio of 1.79 and a beta of 1.31. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31.

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, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company posted $0.83 EPS. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.4%. Bank of America’s dividend payout ratio is 30.41%.

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

About Bank of America

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.