Benjamin Edwards Inc. trimmed its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 92,364 shares of the financial services provider's stock after selling 12,965 shares during the quarter. Benjamin Edwards Inc.'s holdings in Bank of America were worth $3,854,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in the company. Capital World Investors lifted its position in Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Deutsche Bank AG lifted its position in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after buying an additional 11,691,451 shares in the last quarter. Northern Trust Corp lifted its position in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Bank of America by 31.1% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider's stock worth $1,716,318,000 after acquiring an additional 9,258,040 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Bank of America
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 value of $6,762,177.87. Following the sale, the insider directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.30% of the company's stock.
Bank of America Price Performance
Shares of BAC opened at $46.03 on Monday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.31. The firm's fifty day simple moving average is $46.43 and its 200-day simple moving average is $43.74. The firm has a market capitalization of $340.94 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 1.79 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 (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, beating analysts' consensus estimates 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 analyst estimates of $26.79 billion. During the same period last year, the business earned $0.83 EPS. The company's revenue was up 4.3% on a year-over-year basis. Equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.
Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.
Bank of America Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders 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 2.4%. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is 30.41%.
Analyst Upgrades and Downgrades
BAC has been the subject of several analyst reports. Morgan Stanley increased their price objective on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Piper Sandler lowered their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an "outperform" rating in a research report on Monday, June 30th. HSBC lowered Bank of America from a "buy" rating to a "hold" rating and increased their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.13.
View Our Latest Research Report on BAC
About Bank of America
(
Free Report)
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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