Bank of America Corporation (NYSE:BAC) Stock Holdings Lessened by Burney Co.

Key Points

• Burney Co. reduced its holdings in Bank of America by 19.5%, selling 8,874 shares in the 1st quarter, resulting in a total of 36,725 shares valued at approximately $1.5 million.
• Bank of America announced a stock repurchase program allowing for the repurchase of up to $40 billion in shares, signaling the board's belief that the stock is undervalued.
• The company increased its quarterly dividend from $0.26 to $0.28, reflecting a positive change and providing a dividend yield of 2.31% for shareholders.

Burney Co. lowered its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 19.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,725 shares of the financial services provider's stock after selling 8,874 shares during the period. Burney Co.'s holdings in Bank of America were worth $1,533,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in BAC. Graney & King LLC purchased a new position in shares of Bank of America in the fourth quarter valued at $25,000. Vega Investment Solutions purchased a new position in shares of Bank of America in the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the fourth quarter valued at $31,000. Spurstone Advisory Services LLC purchased a new position in shares of Bank of America in the fourth quarter valued at $34,000. Finally, Glass Jacobson Investment Advisors llc boosted its stake in shares of 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 valued at $35,000 after purchasing an additional 276 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Citigroup upped their target price on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Cowen assumed coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price for the company. Oppenheimer decreased their target price on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, July 17th. Finally, Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.03.

Bank of America Stock Performance

Shares of BAC stock traded down $0.17 during trading hours on Monday, reaching $48.28. The stock had a trading volume of 6,797,997 shares, compared to its average volume of 43,098,500. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.31. The firm has a 50-day simple moving average of $45.91 and a 200-day simple moving average of $43.72. The firm has a market capitalization of $363.65 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 1.88 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $0.83 EPS. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is a positive change 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 annualized dividend and a dividend yield of 2.32%. Bank of America's dividend payout ratio (DPR) is 32.75%.

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.