Copperwynd Financial LLC Has $777,000 Stake in Bank of America Co. (NYSE:BAC)

Copperwynd Financial LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 5.2% in the second quarter, HoldingsChannel.com reports. The firm owned 19,274 shares of the financial services provider’s stock after purchasing an additional 945 shares during the quarter. Copperwynd Financial LLC’s holdings in Bank of America were worth $777,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in BAC. Delos Wealth Advisors LLC grew its position in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at $27,000. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America during the 4th quarter worth $28,000. POM Investment Strategies LLC increased its position in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC acquired a new position in Bank of America in the second quarter valued at about $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. BMO Capital Markets lifted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Barclays raised their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Royal Bank of Canada boosted their target price on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Stock Performance

NYSE BAC opened at $39.40 on Friday. The company has a market capitalization of $308.12 billion, a price-to-earnings ratio of 13.63, a PEG ratio of 1.37 and a beta of 1.33. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The stock has a fifty day simple moving average of $39.62 and a 200 day simple moving average of $39.02. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same period last year, the company earned $0.88 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. Sell-side analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.64%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is 35.99%.

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,942,405 shares of company stock valued at $5,785,202,516. 0.29% of the stock is currently owned by insiders.

Bank of America 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.