ASR Vermogensbeheer N.V. Has $35.10 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• ASR Vermogensbeheer N.V. reduced its holdings in Bank of America Corporation by 0.7%, owning 741,762 shares valued at approximately $35.1 million as of its latest SEC filing.
• Bank of America recently announced a $40 billion stock buyback program, indicating management's belief that the stock is undervalued, alongside an increase in its quarterly dividend from $0.26 to $0.28 per share.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Bank of America, with a target price of $52.78, reflecting a generally optimistic outlook on the stock.

ASR Vermogensbeheer N.V. trimmed its position in Bank of America Corporation (NYSE:BAC) by 0.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 741,762 shares of the financial services provider's stock after selling 5,382 shares during the quarter. ASR Vermogensbeheer N.V.'s holdings in Bank of America were worth $35,096,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. boosted its position in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Cloud Capital Management LLC acquired a new position in Bank of America during the 1st quarter worth approximately $40,000. HighMark Wealth Management LLC raised its stake in shares of Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider's stock worth $43,000 after purchasing an additional 743 shares in the last quarter. Cranbrook Wealth Management LLC raised its stake in shares of Bank of America by 41.2% during the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider's stock worth $44,000 after purchasing an additional 306 shares in the last quarter. Finally, Perkins Coie Trust Co raised its stake in shares of Bank of America by 67.8% during the 1st quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider's stock worth $44,000 after purchasing an additional 423 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC opened at $50.67 on Thursday. The business has a fifty day moving average of $49.29 and a 200 day moving average of $45.13. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The firm has a market capitalization of $375.29 billion, a P/E ratio of 14.81, a PEG ratio of 2.00 and a beta of 1.33.

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

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

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 issued a dividend of $0.28 per share. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is currently 32.75%.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction on 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 transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on BAC shares. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Evercore ISI increased their target price on Bank of America from $49.00 to $55.00 and gave the company an "outperform" rating in a research report on Tuesday. Hsbc Global Res downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Phillip Securities cut Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.78.

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.

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