Banco Bilbao Vizcaya Argentaria S.A. Has $50.16 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 7.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,203,444 shares of the financial services provider's stock after buying an additional 79,495 shares during the quarter. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in Bank of America were worth $50,159,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Van Lanschot Kempen Investment Management N.V. raised its stake in shares of Bank of America by 2.0% in the 1st quarter. Van Lanschot Kempen Investment Management N.V. now owns 142,644 shares of the financial services provider's stock valued at $5,953,000 after buying an additional 2,829 shares in the last quarter. Nan Shan Life Insurance Co. Ltd. raised its stake in shares of Bank of America by 58.5% in the 1st quarter. Nan Shan Life Insurance Co. Ltd. now owns 1,478,499 shares of the financial services provider's stock valued at $61,698,000 after buying an additional 545,977 shares in the last quarter. Andina Capital Management LLC increased its position in shares of Bank of America by 29.6% during the 1st quarter. Andina Capital Management LLC now owns 6,482 shares of the financial services provider's stock worth $270,000 after purchasing an additional 1,482 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc increased its position in shares of Bank of America by 10.2% during the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 55,281 shares of the financial services provider's stock worth $2,307,000 after purchasing an additional 5,097 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Bank of America during the 1st quarter worth about $648,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider owned 223,407 shares of the company's stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 target price for the company. Robert W. Baird reiterated a "neutral" rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Truist Financial increased their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $50.13.

Bank of America Stock Up 2.1%

Shares of NYSE BAC opened at $47.92 on Tuesday. The firm has a market capitalization of $354.94 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 1.82 and a beta of 1.31. The company has a current ratio of 0.80, a quick ratio of 0.79 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 $49.31. The firm's 50-day moving average is $46.75 and its 200-day moving average is $43.76.

Bank of America (NYSE:BAC - Get Free Report) last issued its 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. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates 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 for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 EPS. Equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend 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 32.75%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.