Bank of America Corporation $BAC Shares Sold by Chevy Chase Trust Holdings LLC

Key Points

• Chevy Chase Trust Holdings LLC reduced its stake in Bank of America Corporation by 0.7%, now owning approximately 3.54 million shares valued at $167.4 million.
• Bank of America recently reported quarterly earnings of $1.06 EPS, surpassing analysts' expectations, with revenue up 10.8% year-over-year.
• The company announced an increase in its quarterly dividend to $0.28, reflecting a growth from the previous $0.26, with an annualized yield of 2.2%.

Chevy Chase Trust Holdings LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 0.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 3,537,714 shares of the financial services provider's stock after selling 24,796 shares during the period. Bank of America comprises about 0.5% of Chevy Chase Trust Holdings LLC's portfolio, making the stock its 29th largest holding. Chevy Chase Trust Holdings LLC's holdings in Bank of America were worth $167,405,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of BAC. Brighton Jones LLC increased its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Bank of America by 8.2% in the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider's stock valued at $4,654,000 after purchasing an additional 8,435 shares during the last quarter. Exchange Traded Concepts LLC grew its position in shares of Bank of America by 64.9% in the first quarter. Exchange Traded Concepts LLC now owns 5,534 shares of the financial services provider's stock valued at $231,000 after purchasing an additional 2,179 shares during the last quarter. Community Bank N.A. grew its position in shares of Bank of America by 3.9% in the first quarter. Community Bank N.A. now owns 17,371 shares of the financial services provider's stock valued at $725,000 after purchasing an additional 659 shares during the last quarter. Finally, Centennial Wealth Advisory LLC grew its position in shares of Bank of America by 7.1% in the first quarter. Centennial Wealth Advisory LLC now owns 6,761 shares of the financial services provider's stock valued at $282,000 after purchasing an additional 449 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 3.6%

Shares of BAC opened at $50.38 on Friday. The stock has a market cap of $373.16 billion, a price-to-earnings ratio of 13.73, a P/E/G ratio of 2.01 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The company has a 50-day moving average price of $50.00 and a two-hundred day moving average price of $45.73.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion during the quarter, compared to analysts' expectations of $27.05 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. Bank of America's quarterly revenue was up 10.8% compared to the same quarter last year. Equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America's dividend payout ratio is presently 32.75%.

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

Wall Street Analyst Weigh In

BAC has been the topic of several research analyst reports. Phillip Securities downgraded Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. Truist Financial raised their price target on Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Wolfe Research raised their price target on Bank of America from $57.00 to $58.00 and gave the company an "outperform" rating in a research report on Tuesday, October 7th. HSBC increased their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a "hold" rating in a research note on Thursday, October 2nd. Finally, Wells Fargo & Company increased their target price on shares of Bank of America from $56.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $56.18.

Insider Activity

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 value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, 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. Company insiders own 0.30% of the company's stock.

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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