Daymark Wealth Partners LLC Raises Holdings in Bank of America Co. (NYSE:BAC)

Daymark Wealth Partners LLC increased its position in Bank of America Co. (NYSE:BAC) by 42.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,376 shares of the financial services provider’s stock after buying an additional 15,078 shares during the period. Daymark Wealth Partners LLC’s holdings in Bank of America were worth $2,003,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. McAdam LLC boosted its position in shares of Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares during the period. BTC Capital Management Inc. lifted its stake in shares of Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. boosted its holdings in Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares during the period. SNS Financial Group LLC grew its position in Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after acquiring an additional 248 shares during the last quarter. Finally, Verdence Capital Advisors LLC increased its stake in Bank of America by 0.3% in the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after purchasing an additional 251 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $39.52 on Friday. The company has a market capitalization of $309.06 billion, a PE ratio of 13.67, a P/E/G ratio of 1.37 and a beta of 1.33. The company has a 50-day simple moving average of $39.76 and a two-hundred day simple moving average of $38.97. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

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 net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the previous year, the firm earned $0.88 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets upped 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 note on Thursday, July 18th. Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Morgan Stanley increased their price objective on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’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 approximately $44,958,509,063.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, 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 shares were 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 directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The disclosure for this sale can be found here. Insiders sold 134,721,864 shares of company stock valued at $5,539,943,089 in the last quarter. 0.29% of the stock is currently owned by corporate insiders.

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.