William B. Walkup & Associates Inc. Purchases New Holdings in Bank of America Co. (NYSE:BAC)

William B. Walkup & Associates Inc. purchased a new stake in Bank of America Co. (NYSE:BAC) in the 2nd quarter, HoldingsChannel reports. The fund purchased 15,678 shares of the financial services provider’s stock, valued at approximately $624,000.

Several other hedge funds have also made changes to their positions in BAC. Delos Wealth Advisors LLC lifted its position in Bank of America by 402.2% in the 1st 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 purchased a new stake in Bank of America in the 2nd quarter worth approximately $27,000. Livelsberger Financial Advisory purchased a new stake in Bank of America in the 4th quarter worth approximately $28,000. POM Investment Strategies LLC lifted its position in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the 2nd quarter worth approximately $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Jefferies Financial Group increased their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Barclays increased their target price on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. BMO Capital Markets increased their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Insiders Place Their Bets

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly 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. Insiders have sold 140,942,405 shares of company stock worth $5,785,202,516 in the last ninety days. Insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $39.40 on Monday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $308.12 billion, a price-to-earnings ratio of 13.63, a P/E/G ratio of 1.37 and a beta of 1.33. The company’s fifty day moving average is $39.62 and its two-hundred day moving average is $39.04. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.64%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.