Anderson Hoagland & Co. Has $11.21 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• Anderson Hoagland & Co. reduced its stake in Bank of America by 2.3%, now holding approximately $11.21 million worth of shares, making it the firm's 27th largest position.
• Analysts have a consensus rating of "Moderate Buy" for Bank of America, with a current average price target of $50.61, as multiple firms raised their price objectives recently.
• Bank of America announced an increase in its quarterly dividend from $0.26 to $0.28 per share and a share repurchase program worth $40 billion, reflecting management's confidence in the company's valuation.

Anderson Hoagland & Co. lessened its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 2.3% in the second quarter, according to its most recent filing with the SEC. The firm owned 236,911 shares of the financial services provider's stock after selling 5,488 shares during the period. Bank of America accounts for 1.1% of Anderson Hoagland & Co.'s portfolio, making the stock its 27th largest position. Anderson Hoagland & Co.'s holdings in Bank of America were worth $11,211,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock worth $2,521,218,000 after acquiring an additional 803,570 shares during the period. Deutsche Bank AG grew its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Amundi boosted its position in shares of Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider's stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider's stock worth $1,333,351,000 after purchasing an additional 188,638 shares in the last quarter. Finally, National Pension Service boosted its position in shares of Bank of America by 2.4% during the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider's stock worth $541,250,000 after purchasing an additional 300,944 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

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

Bank of America Trading Up 0.3%

NYSE BAC traded up $0.14 on Friday, hitting $52.27. The company's stock had a trading volume of 98,925,969 shares, compared to its average volume of 35,208,044. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.66. The company's 50-day moving average is $48.55 and its 200 day moving average is $44.53. The firm has a market cap of $387.16 billion, a PE ratio of 15.28, a PEG ratio of 2.03 and a beta of 1.34.

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

Bank of America announced that its board has authorized a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.28 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America's dividend payout ratio is currently 32.75%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BAC shares. Phillip Securities cut shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. Oppenheimer boosted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Finally, HSBC lowered shares of Bank of America from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $50.82.

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.