Ruffer LLP Has $92.43 Million Stake in Bank of America Corporation (NYSE:BAC)

Key Points

• Ruffer LLP reduced its stake in Bank of America by 18.8%, holding approximately $92.4 million worth of shares after selling 512,547 shares.
• Insider James P. Demare sold 148,391 shares of Bank of America stock, resulting in a 39.91% decrease in his ownership.
• Bank of America recently announced a $40 billion stock repurchase plan and increased its quarterly dividend to $0.28 per share.

Ruffer LLP decreased its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 18.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,214,789 shares of the financial services provider's stock after selling 512,547 shares during the period. Bank of America accounts for approximately 3.6% of Ruffer LLP's holdings, making the stock its 6th biggest holding. Ruffer LLP's holdings in Bank of America were worth $92,425,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America during the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC acquired a new position in Bank of America during the 4th quarter worth approximately $34,000. Glass Jacobson Investment Advisors llc boosted its position in Bank of America by 53.0% during the 4th 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 last quarter. Finally, Wood Tarver Financial Group LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $38,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction on 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 target price for the company. Robert W. Baird reissued a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Finally, HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and upped their target price for the company from $47.00 to $51.00 in a report on Monday, July 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $50.13.

Bank of America Stock Performance

NYSE BAC traded down $0.62 during trading hours on Tuesday, reaching $45.23. The company's stock had a trading volume of 4,025,217 shares, compared to its average volume of 42,694,020. 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 business has a 50-day simple moving average of $46.32 and a 200 day simple moving average of $43.76. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31. The stock has a market cap of $335.05 billion, a PE ratio of 13.24, a PEG ratio of 1.78 and a beta of 1.31.

Bank of America (NYSE:BAC - Get Free Report) last posted 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 for 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 revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $0.83 earnings per share. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a share buyback 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 purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.5%. Bank of America's dividend payout ratio (DPR) is 30.41%.

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.