Edmond DE Rothschild Holding S.A. Has $143.73 Million Position in Bank of America Corporation $BAC

Key Points

• Edmond DE Rothschild Holding S.A. reduced its stake in Bank of America by 17.2%, ending the first quarter with approximately 3.4 million shares valued at $143.73 million.
• A recent quarterly report revealed that Bank of America beat earnings expectations with $0.89 EPS, exceeding the consensus estimate of $0.86.
• Bank of America announced a quarterly dividend increase to $0.28 per share, reflecting a yield of 2.2%, and approved a $40 billion stock buyback plan to repurchase up to 11.1% of its shares.

Edmond DE Rothschild Holding S.A. decreased its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 17.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,444,276 shares of the financial services provider's stock after selling 717,601 shares during the period. Bank of America makes up approximately 2.5% of Edmond DE Rothschild Holding S.A.'s investment portfolio, making the stock its 8th biggest position. Edmond DE Rothschild Holding S.A.'s holdings in Bank of America were worth $143,730,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its position in Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock worth $2,521,218,000 after acquiring an additional 803,570 shares in the last quarter. Deutsche Bank AG grew its position in Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Bank of America by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider's stock worth $1,981,816,000 after acquiring an additional 5,092,504 shares in the last quarter. Amundi grew its position in Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider's stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Bank of America by 31.1% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider's stock worth $1,716,318,000 after acquiring an additional 9,258,040 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on BAC shares. Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Phillip Securities lowered Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. Morgan Stanley lifted their price target on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Truist Financial boosted their target price on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $50.39.

Insider Buying and Selling at Bank of America

In other 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 completion of the sale, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction 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 Trading Down 1.8%

Shares of Bank of America stock traded down $0.93 on Friday, hitting $49.69. 40,059,616 shares of the company traded hands, compared to its average volume of 33,778,700. The stock's 50 day moving average price is $47.95 and its 200-day moving average price is $44.09. 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 52 week low of $33.06 and a 52 week high of $50.92. The company has a market cap of $368.07 billion, a PE ratio of 14.53, a PEG ratio of 1.96 and a beta of 1.34.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This is a boost from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's payout ratio is presently 32.75%.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

About Bank of America

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.