Cooper Financial Group Boosts Holdings in Bank of America Co. (NYSE:BAC)

Cooper Financial Group grew its position in shares of Bank of America Co. (NYSE:BAC) by 107.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,311 shares of the financial services provider’s stock after purchasing an additional 10,024 shares during the period. Cooper Financial Group’s holdings in Bank of America were worth $768,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Alpha Cubed Investments LLC increased its stake in shares of Bank of America by 42.4% in the second quarter. Alpha Cubed Investments LLC now owns 157,461 shares of the financial services provider’s stock worth $6,262,000 after buying an additional 46,898 shares during the last quarter. LVW Advisors LLC increased its stake in shares of Bank of America by 6.4% in the second quarter. LVW Advisors LLC now owns 45,030 shares of the financial services provider’s stock worth $1,791,000 after buying an additional 2,727 shares during the last quarter. Caas Capital Management LP increased its stake in shares of Bank of America by 137.9% in the second quarter. Caas Capital Management LP now owns 18,595 shares of the financial services provider’s stock worth $740,000 after buying an additional 67,695 shares during the last quarter. Dynamic Advisor Solutions LLC increased its stake in shares of Bank of America by 5.9% in the second quarter. Dynamic Advisor Solutions LLC now owns 119,133 shares of the financial services provider’s stock worth $4,738,000 after buying an additional 6,626 shares during the last quarter. Finally, Pinnacle Bancorp Inc. increased its stake in shares of Bank of America by 1.0% in the second quarter. Pinnacle Bancorp Inc. now owns 262,144 shares of the financial services provider’s stock worth $10,425,000 after buying an additional 2,676 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction that occurred 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 transaction, 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 56,549,666 shares of company stock valued at $2,403,801,723. 0.29% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Evercore ISI lifted their price target on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Oppenheimer lifted their price objective on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Morgan Stanley lifted their price objective on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, BMO Capital Markets lifted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.07.

Bank of America Stock Up 0.4 %

NYSE:BAC traded up $0.14 on Tuesday, hitting $38.31. 8,034,132 shares of the company’s stock traded hands, compared to its average volume of 39,371,309. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The firm has a 50-day moving average price of $40.27 and a 200-day moving average price of $37.74. The company has a market cap of $299.60 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.88 EPS. Equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid 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 is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.71%. Bank of America’s payout ratio is presently 35.99%.

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.