APG Asset Management N.V. Boosts Stock Holdings in Bank of America Corporation $BAC

Key Points

• APG Asset Management N.V. increased its stake in Bank of America by 1.4% during the first quarter, holding approximately 6.85 million shares valued at $264.7 million.
• Bank of America announced a quarterly dividend of $0.28 per share, up from the previous $0.26, indicating a positive outlook for investors.
• Institutional investors collectively own 70.71% of Bank of America's stock, with several firms making new investments in the financial services provider in the fourth quarter.

APG Asset Management N.V. boosted its position in Bank of America Corporation (NYSE:BAC) by 1.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,852,528 shares of the financial services provider's stock after purchasing an additional 94,158 shares during the period. Bank of America comprises approximately 0.8% of APG Asset Management N.V.'s portfolio, making the stock its 23rd biggest holding. APG Asset Management N.V. owned 0.09% of Bank of America worth $264,725,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of BAC. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the fourth quarter worth $31,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America in the fourth quarter worth $34,000. Wood Tarver Financial Group LLC bought a new position in shares of Bank of America in the fourth quarter worth $38,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of Bank of America in the fourth quarter worth $40,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Shares of BAC opened at $49.4850 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.66. 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 firm has a 50 day moving average of $47.06 and a 200 day moving average of $43.86. The company has a market capitalization of $366.53 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 1.87 and a beta of 1.31.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is 30.41%.

Bank of America announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BAC. Oppenheimer raised their price target on Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Citigroup upped their price target on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Cowen started coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.13.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company's stock.

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.

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