Bahl & Gaynor Inc. lowered its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 7.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,284,784 shares of the financial services provider's stock after selling 98,028 shares during the quarter. Bahl & Gaynor Inc.'s holdings in Bank of America were worth $53,614,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Nicholas Hoffman & Company LLC. raised its stake in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock valued at $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Gradient Investments LLC raised its position in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after buying an additional 50,296 shares during the last quarter. Prosperity Wealth Management Inc. bought a new stake in shares of Bank of America in the first quarter valued at about $998,000. Alpha Cubed Investments LLC lifted its stake in shares of Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock valued at $2,714,000 after buying an additional 17,619 shares during the period. Finally, International Assets Investment Management LLC grew its position in Bank of America by 170.5% during the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock worth $9,951,000 after buying an additional 150,299 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Bank of America
In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
Several research firms have commented on BAC. Morgan Stanley upped their price target on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. HSBC cut Bank of America from a "buy" rating to a "hold" rating and boosted their price objective for the company from $47.00 to $51.00 in a research report on Monday, July 7th. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Truist Financial boosted their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $50.13.
Get Our Latest Research Report on BAC
Bank of America Price Performance
Shares of NYSE BAC traded up $1.2250 during midday trading on Friday, reaching $49.4850. 45,055,019 shares of the company traded hands, compared to its average volume of 33,213,872. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.66. 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 stock's 50-day simple moving average is $47.06 and its 200-day simple moving average is $43.81. The firm has a market cap of $366.53 billion, a PE ratio of 14.47, a PEG ratio of 1.92 and a beta of 1.31.
Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (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 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 firm's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the company posted $0.83 EPS. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.
Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.
Bank of America Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio is presently 30.41%.
About Bank of America
(
Free Report)
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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