Convergence Investment Partners LLC Trims Stock Holdings in Bank of America Corporation (NYSE:BAC)

Convergence Investment Partners LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,633 shares of the financial services provider's stock after selling 11,515 shares during the period. Bank of America comprises 1.0% of Convergence Investment Partners LLC's holdings, making the stock its 23rd largest position. Convergence Investment Partners LLC's holdings in Bank of America were worth $3,490,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Hayek Kallen Investment Management lifted its position in shares of Bank of America by 2.0% in the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after buying an additional 233 shares during the last quarter. Continuum Advisory LLC raised its stake in Bank of America by 1.4% in the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after acquiring an additional 237 shares during the period. Menard Financial Group LLC lifted its holdings in Bank of America by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after purchasing an additional 240 shares during the last quarter. Northern Financial Advisors Inc boosted its position in Bank of America by 1.8% during the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider's stock worth $600,000 after purchasing an additional 252 shares during the period. Finally, Hancock Whitney Corp increased its holdings in shares of Bank of America by 0.3% in the fourth quarter. Hancock Whitney Corp now owns 89,203 shares of the financial services provider's stock valued at $3,920,000 after purchasing an additional 260 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.2%

NYSE BAC traded up $0.08 during trading hours on Friday, hitting $48.47. The company's stock had a trading volume of 24,453,044 shares, compared to its average volume of 43,373,284. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31. The company has a market capitalization of $365.09 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.88 and a beta of 1.30. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company's 50-day simple moving average is $45.91 and its two-hundred day simple moving average is $43.75.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. During the same quarter last year, the firm earned $0.83 EPS. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. Research analysts anticipate 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. Investors of record on Friday, September 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is 30.41%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have weighed in on BAC. Cowen started coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Barclays decreased their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Argus dropped their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Truist Financial upped their target price on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Finally, UBS Group upped their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $50.03.

About Bank of America

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.