Bank of America Corporation (NYSE:BAC) Shares Sold by Navellier & Associates Inc.

Key Points

• Navellier & Associates Inc. reduced its stake in Bank of America by 29.9% in Q1, leaving it with 12,500 shares valued at approximately $514,000.
• Bank of America recently raised its quarterly dividend to $0.28 per share, with an annualized yield of 2.31%, reflecting a positive trend from the prior dividend of $0.26.
• The company announced a $40 billion share repurchase program, allowing it to buy back up to 11.1% of its outstanding shares, indicating management's confidence in the stock's valuation.

Navellier & Associates Inc. lowered its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 29.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,500 shares of the financial services provider's stock after selling 5,344 shares during the quarter. Navellier & Associates Inc.'s holdings in Bank of America were worth $514,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in BAC. Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth approximately $31,000. Spurstone Advisory Services LLC bought a new position in Bank of America during the fourth quarter worth $34,000. Glass Jacobson Investment Advisors llc lifted its stake in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after purchasing an additional 276 shares during the last quarter. Finally, Wood Tarver Financial Group LLC bought a new position in Bank of America during the fourth quarter worth $38,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. HSBC cut Bank of America from a "buy" rating to a "hold" rating and raised their price objective for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Keefe, Bruyette & Woods reduced their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Truist Financial raised their price objective 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. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Finally, Morgan Stanley raised their price objective on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.03.

Bank of America Price Performance

Shares of BAC opened at $48.47 on Friday. The firm has a market capitalization of $365.09 billion, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 1.88 and a beta of 1.30. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a one year low of $33.06 and a one year high of $49.31. The stock's fifty day moving average is $45.91 and its 200-day moving average is $43.75.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results 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 company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $0.83 earnings per share. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is a positive change 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 2.31%. The ex-dividend date is Friday, September 5th. Bank of America's payout ratio is presently 30.41%.

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

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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