Texas Capital Bank Wealth Management Services Inc Boosts Holdings in Bank of America Co. (NYSE:BAC)

Texas Capital Bank Wealth Management Services Inc increased its position in Bank of America Co. (NYSE:BAC) by 125.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,609 shares of the financial services provider’s stock after purchasing an additional 19,821 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in Bank of America were worth $1,416,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in BAC. Smith Thornton Advisors LLC acquired a new position in shares of Bank of America in the second quarter worth about $1,255,000. Sculptor Capital LP boosted its stake in shares of Bank of America by 12.7% during the 2nd quarter. Sculptor Capital LP now owns 890,000 shares of the financial services provider’s stock valued at $35,395,000 after buying an additional 100,000 shares during the last quarter. Legal & General Group Plc grew its position in shares of Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after buying an additional 895,884 shares in the last quarter. Lighthouse Investment Partners LLC increased its stake in shares of Bank of America by 1.5% in the second quarter. Lighthouse Investment Partners LLC now owns 75,957 shares of the financial services provider’s stock worth $3,021,000 after buying an additional 1,143 shares during the last quarter. Finally, MBB Public Markets I LLC raised its holdings in Bank of America by 15.2% in the second quarter. MBB Public Markets I LLC now owns 939,578 shares of the financial services provider’s stock valued at $37,367,000 after acquiring an additional 123,935 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction on Friday, July 19th. The stock was 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 of the company’s stock, valued at approximately $43,085,191,337.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The disclosure for this sale can be found here. Insiders have sold 140,942,405 shares of company stock worth $5,785,202,516 over the last quarter. 0.29% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have weighed in on BAC. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 price objective (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Royal Bank of Canada increased their target price on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Stock Down 0.3 %

Shares of Bank of America stock opened at $39.39 on Friday. 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 Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The business’s fifty day moving average price is $39.62 and its two-hundred day moving average price is $39.00. The company has a market capitalization of $308.04 billion, a P/E ratio of 13.63, a PEG ratio of 1.37 and a beta of 1.33.

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 for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business earned $0.88 earnings per share. As a group, 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 repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

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

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.