Bank of America Corporation $BAC Shares Sold by IFM Investors Pty Ltd

Key Points

• IFM Investors Pty Ltd has reduced its stake in Bank of America by 1.3% during the first quarter, now holding approximately 1,289,642 shares valued at $53.8 million.
• Bank of America has announced a quarterly dividend increase from $0.26 to $0.28, representing an annual yield of 2.2% with a payout ratio of 32.75%.
• Recent analyst ratings for Bank of America show a consensus of "Moderate Buy" with an average price target of $50.39, as sixteen analysts rated it a buy.

IFM Investors Pty Ltd reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,289,642 shares of the financial services provider's stock after selling 17,070 shares during the period. Bank of America makes up about 0.6% of IFM Investors Pty Ltd's holdings, making the stock its 25th largest holding. IFM Investors Pty Ltd's holdings in Bank of America were worth $53,817,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Fortis Capital Advisors LLC acquired a new stake in shares of Bank of America in the first quarter valued at $384,000. Belpointe Asset Management LLC raised its stake in shares of Bank of America by 6.3% in the first quarter. Belpointe Asset Management LLC now owns 50,293 shares of the financial services provider's stock valued at $2,099,000 after acquiring an additional 2,969 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Bank of America by 22.7% in the first quarter. Intech Investment Management LLC now owns 243,516 shares of the financial services provider's stock valued at $10,162,000 after acquiring an additional 45,004 shares in the last quarter. Flaharty Asset Management LLC raised its stake in shares of Bank of America by 15.3% in the first quarter. Flaharty Asset Management LLC now owns 10,276 shares of the financial services provider's stock valued at $429,000 after acquiring an additional 1,363 shares in the last quarter. Finally, Integrity Alliance LLC. purchased a new position in Bank of America in the first quarter valued at $633,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.15 during midday trading on Friday, reaching $50.60. 27,849,333 shares of the company were exchanged, compared to its average volume of 35,238,896. 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 $50.96. The stock has a fifty day simple moving average of $48.13 and a 200 day simple moving average of $44.28. The stock has a market cap of $374.79 billion, a P/E ratio of 14.80, a PEG ratio of 1.97 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the company posted $0.83 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. On average, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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 given a $0.28 dividend. The ex-dividend date is Friday, September 5th. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America's payout ratio is 32.75%.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Truist Financial increased their target price on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Robert W. Baird reissued a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. The Goldman Sachs Group increased their target price on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Oppenheimer increased their target price on Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Finally, Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an "outperform" rating in a report on Monday, June 30th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $50.39.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction dated 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 sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by insiders.

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.