Bank of America Corporation (NYSE:BAC) Shares Bought by Azimuth Capital Investment Management LLC

Key Points

• Azimuth Capital Investment Management LLC increased its stake in Bank of America by 306.3% during the first quarter, now holding approximately $26.6 million in shares, making it the firm's 21st largest investment.
• Bank of America authorized a $40 billion stock buyback program, signifying management's belief that the stock is undervalued, while also announcing an increase in its quarterly dividend from $0.26 to $0.28 per share.
• As of the latest reported data, 70.71% of Bank of America's stock is owned by institutional investors, highlighting strong institutional interest in the company.

Azimuth Capital Investment Management LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 306.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 637,669 shares of the financial services provider's stock after acquiring an additional 480,742 shares during the period. Bank of America accounts for about 1.1% of Azimuth Capital Investment Management LLC's investment portfolio, making the stock its 21st biggest holding. Azimuth Capital Investment Management LLC's holdings in Bank of America were worth $26,610,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vega Investment Solutions bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $34,000. Wood Tarver Financial Group LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $38,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction dated 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 transaction, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company's stock.

Bank of America Stock Down 0.6%

Bank of America stock opened at $47.22 on Thursday. The firm has a market cap of $349.76 billion, a price-to-earnings ratio of 13.81, a P/E/G ratio of 1.84 and a beta of 1.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31. The firm has a fifty day moving average price of $46.58 and a two-hundred day moving average price of $43.79.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during 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 firm's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.83 earnings per share. As a group, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

The business also recently disclosed 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 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 dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's dividend payout ratio (DPR) is currently 30.41%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BAC shares. Morgan Stanley lifted their price target on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an "outperform" rating in a report on Monday, June 30th. Robert W. Baird reissued a "neutral" rating and set a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Truist Financial boosted their target price on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $50.13.

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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