Raiffeisen Bank International AG Increases Stock Holdings in Bank of America Corporation (NYSE:BAC)

Key Points

• Raiffeisen Bank International AG increased its stake in Bank of America Corporation by 18.8% during the first quarter, owning 160,394 shares valued at approximately $6.6 million.
• Bank of America declared a quarterly dividend of $0.28 per share, up from $0.26, reflecting a dividend yield of 2.5% and a payout ratio of 30.41%.
• Several analysts have downgraded Bank of America's stock rating recently, contributing to a consensus rating of "Moderate Buy" with an average target price of $50.13.

Raiffeisen Bank International AG raised its position in Bank of America Corporation (NYSE:BAC - Free Report) by 18.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 160,394 shares of the financial services provider's stock after acquiring an additional 25,362 shares during the period. Raiffeisen Bank International AG's holdings in Bank of America were worth $6,616,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Vega Investment Solutions purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the 4th quarter worth about $31,000. Spurstone Advisory Services LLC bought a new position in Bank of America during the fourth quarter valued at about $34,000. Glass Jacobson Investment Advisors llc raised its position in Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after acquiring an additional 276 shares during the period. Finally, Wood Tarver Financial Group LLC purchased a new position in Bank of America in the fourth quarter valued at about $38,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Shares of BAC traded down $0.31 during midday trading on Tuesday, reaching $45.54. The stock had a trading volume of 36,789,035 shares, compared to its average volume of 41,800,328. The company has a market capitalization of $337.31 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.78 and a beta of 1.31. 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 12-month low of $33.06 and a 12-month high of $49.31. The company's 50-day moving average is $46.32 and its 200 day moving average is $43.76.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The firm 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 business's quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.83 EPS. On average, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders 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 annualized dividend and a yield of 2.5%. Bank of America's dividend payout ratio is presently 30.41%.

Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BAC shares. Piper Sandler reduced their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Truist Financial increased their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. Finally, Baird R W downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $50.13.

Insiders Place Their Bets

In other news, insider James P. Demare sold 148,391 shares of the firm's 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 transaction, the insider owned 223,407 shares in the company, valued at approximately $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 accessible through this hyperlink. 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.