KPP Advisory Services LLC Acquires 2,672 Shares of Bank of America Co. (NYSE:BAC)

KPP Advisory Services LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 9.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,117 shares of the financial services provider’s stock after purchasing an additional 2,672 shares during the quarter. KPP Advisory Services LLC’s holdings in Bank of America were worth $1,198,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Gilbert & Cook Inc. boosted its holdings in shares of Bank of America by 4.0% in the fourth quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after purchasing an additional 662 shares during the period. Rollins Financial raised its position in shares of Bank of America by 12.5% in the 4th quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock worth $14,879,000 after acquiring an additional 48,998 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Bank of America during the 4th quarter worth $1,090,000. CWA Asset Management Group LLC boosted its position in Bank of America by 25.6% during the fourth quarter. CWA Asset Management Group LLC now owns 47,246 shares of the financial services provider’s stock valued at $1,591,000 after purchasing an additional 9,626 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in Bank of America by 2.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 406,033 shares of the financial services provider’s stock valued at $13,671,000 after purchasing an additional 8,158 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $39.68 on Tuesday. 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 company has a 50 day moving average price of $39.56 and a 200-day moving average price of $39.07. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The firm has a market cap of $310.31 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the prior year, the company posted $0.88 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts forecast that Bank of America Co. will post 3.28 EPS for the current year.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid 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 yield of 2.62%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,942,405 shares of company stock valued at $5,785,202,516. 0.29% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets increased their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Cfra reaffirmed a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Morgan Stanley dropped their target price on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.12.

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.