Kickstand Ventures LLC. Acquires New Position in Bank of America Corporation $BAC

Kickstand Ventures LLC. acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 19,250 shares of the financial services provider’s stock, valued at approximately $911,000.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Brighton Jones LLC lifted its stake in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Signal Advisors Wealth LLC lifted its stake in shares of Bank of America by 7.7% during the first quarter. Signal Advisors Wealth LLC now owns 36,521 shares of the financial services provider’s stock valued at $1,524,000 after buying an additional 2,613 shares during the period. Stablepoint Partners LLC lifted its stake in shares of Bank of America by 13.5% during the first quarter. Stablepoint Partners LLC now owns 9,120 shares of the financial services provider’s stock valued at $381,000 after buying an additional 1,087 shares during the period. Sard Wealth Management Group LLC lifted its stake in shares of Bank of America by 10.4% during the first quarter. Sard Wealth Management Group LLC now owns 5,633 shares of the financial services provider’s stock valued at $235,000 after buying an additional 530 shares during the period. Finally, Udine Wealth Management Inc. grew its stake in shares of Bank of America by 6.5% during the 1st quarter. Udine Wealth Management Inc. now owns 217,833 shares of the financial services provider’s stock valued at $9,090,000 after buying an additional 13,286 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $50.63 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The business has a 50 day moving average of $49.37 and a two-hundred day moving average of $45.28. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a market cap of $374.98 billion, a P/E ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the previous year, the firm posted $0.83 earnings per share. Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s payout ratio is presently 32.75%.

Bank of America declared that its Board of Directors has initiated a stock buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have commented on BAC shares. Wells Fargo & Company raised their price objective on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Evercore ISI lifted their price target on Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday. HSBC lifted their price target on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday. Truist Financial lifted their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Finally, TD Cowen lifted their price target on Bank of America from $54.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday. Nineteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.38.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

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.