Silver Lake Advisory LLC Raises Position in Bank of America Co. (NYSE:BAC)

Silver Lake Advisory LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 6.2% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,079 shares of the financial services provider’s stock after purchasing an additional 759 shares during the quarter. Silver Lake Advisory LLC’s holdings in Bank of America were worth $520,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of BAC. Delos Wealth Advisors LLC increased 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 valued at $26,000 after acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter worth about $27,000. Livelsberger Financial Advisory bought a new stake in Bank of America in the fourth quarter worth about $28,000. POM Investment Strategies LLC boosted its position in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $30,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $39.40 on Monday. The firm has a market capitalization of $308.12 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The business’s 50-day moving average is $39.62 and its two-hundred day moving average is $39.04. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during 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%. Bank of America’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.88 EPS. Research analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. 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%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America announced that its Board of Directors has approved a share buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms recently issued reports on BAC. BMO Capital Markets boosted their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Jefferies Financial Group upped 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 note on Wednesday, July 3rd. Finally, Royal Bank of Canada raised their target price on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on 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 completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The disclosure for this sale can be found here. Insiders have sold a total of 140,942,405 shares of company stock worth $5,785,202,516 in the last ninety days. 0.29% of the stock is 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.