Arrowpoint Investment Partners Singapore Pte. Ltd. Acquires Shares of 16,200 Bank of America Corporation (NYSE:BAC)

Key Points

• Arrowpoint Investment Partners Singapore Pte. Ltd. has acquired 16,200 shares of Bank of America, valued at approximately $676,000, indicating growing institutional interest in the financial services provider.
• Bank of America has announced a quarterly dividend increase to $0.28 per share from the previous $0.26, signaling confidence in its financial stability with a dividend yield of 2.4%.
• Despite recent fluctuations, Bank of America stock has a market capitalization of $341.85 billion and a strong average "Moderate Buy" rating from analysts, with a price target of $50.13.

Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 16,200 shares of the financial services provider's stock, valued at approximately $676,000.

A number of other hedge funds have also bought and sold shares of the company. Trillium Asset Management LLC increased its position in Bank of America by 16.4% during the first quarter. Trillium Asset Management LLC now owns 899,709 shares of the financial services provider's stock valued at $37,545,000 after acquiring an additional 127,050 shares during the last quarter. Capital Planning Advisors LLC increased its position in Bank of America by 22.1% during the first quarter. Capital Planning Advisors LLC now owns 20,681 shares of the financial services provider's stock valued at $863,000 after acquiring an additional 3,737 shares during the last quarter. Public Sector Pension Investment Board increased its position in Bank of America by 1.1% during the first quarter. Public Sector Pension Investment Board now owns 3,574,465 shares of the financial services provider's stock valued at $149,162,000 after acquiring an additional 38,343 shares during the last quarter. AIA Group Ltd increased its position in Bank of America by 21.7% during the first quarter. AIA Group Ltd now owns 351,752 shares of the financial services provider's stock valued at $14,679,000 after acquiring an additional 62,784 shares during the last quarter. Finally, Financial Engines Advisors L.L.C. increased its position in Bank of America by 5.0% during the first quarter. Financial Engines Advisors L.L.C. now owns 25,439 shares of the financial services provider's stock valued at $1,062,000 after acquiring an additional 1,215 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.15 on Tuesday. The company has a market capitalization of $341.85 billion, a PE ratio of 13.50, a P/E/G ratio of 1.79 and a beta of 1.31. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The company has a 50-day simple moving average of $46.47 and a two-hundred day simple moving average of $43.74. Bank of America Corporation has a one year low of $33.06 and a one year high of $49.31.

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

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. This is a boost from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio is presently 30.41%.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Piper Sandler cut their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. TD Cowen assumed coverage on Bank of America in a research report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective on the stock. Barclays cut their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Hsbc Global Res downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $50.13.

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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