Bank of America Corporation (NYSE:BAC) Shares Acquired by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its holdings in Bank of America (BAC) by 0.6%, owning approximately 31.96 million shares valued at over $1.33 billion.
• Bank of America recently declared a quarterly dividend of $0.28 per share, an increase from the previous $0.26, reflecting a dividend yield of 2.3%.
• Analysts have a consensus rating of "Moderate Buy" for Bank of America, with a price target ranging from $50.00 to $57.00, indicating positive market sentiment.

Dimensional Fund Advisors LP lifted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 0.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,956,699 shares of the financial services provider's stock after acquiring an additional 188,638 shares during the period. Dimensional Fund Advisors LP owned 0.42% of Bank of America worth $1,333,351,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Hayek Kallen Investment Management increased its position in Bank of America by 2.0% during the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock worth $528,000 after buying an additional 233 shares during the period. Continuum Advisory LLC boosted its stake in shares of Bank of America by 1.4% in the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after buying an additional 237 shares in the last quarter. Menard Financial Group LLC boosted its stake in shares of Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after buying an additional 240 shares in the last quarter. Maia Wealth LLC boosted its stake in shares of Bank of America by 1.4% in the first quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider's stock valued at $723,000 after buying an additional 240 shares in the last quarter. Finally, Northern Financial Advisors Inc boosted its stake in shares of Bank of America by 1.8% in the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider's stock valued at $600,000 after buying an additional 252 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on BAC. Citigroup boosted their target price on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Robert W. Baird reiterated a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Oppenheimer upped their target price on Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Phillip Securities lowered Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Finally, Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.13.

Bank of America Trading Up 0.9%

Shares of BAC opened at $47.68 on Friday. The company has a market capitalization of $353.13 billion, a P/E ratio of 13.94, a P/E/G ratio of 1.83 and a beta of 1.31. Bank of America Corporation has a one year low of $33.06 and a one year high of $49.31. 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 has a 50-day moving average price of $46.65 and a 200 day moving average price of $43.79.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 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 company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the business posted $0.83 EPS. Bank of America's quarterly revenue was up 4.3% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal 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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date 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 currently 30.41%.

Bank of America declared that its Board of Directors has approved a share repurchase plan 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In other 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 approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company's stock.

Bank of America 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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