Callan Family Office LLC Decreases Stock Holdings in Bank of America Corporation (NYSE:BAC)

Key Points

• Callan Family Office LLC has reduced its stake in Bank of America (NYSE:BAC) by 21.3%, holding 155,642 shares after selling 42,216 shares in the last quarter, valuing their investment at approximately $6.5 million.
• Despite Callan's reduction, several other institutional investors have increased their positions, with Nicholas Hoffman & Company LLC raising its stake by 121%.
• Bank of America recently announced a dividend increase to $0.28 per share, up from $0.26, reflecting a dividend yield of 2.4% and a payout ratio of 30.41%.

Callan Family Office LLC reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 21.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 155,642 shares of the financial services provider's stock after selling 42,216 shares during the period. Callan Family Office LLC's holdings in Bank of America were worth $6,495,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Nicholas Hoffman & Company LLC. lifted its position in shares of Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock worth $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Gradient Investments LLC raised its stake in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after acquiring an additional 50,296 shares in the last quarter. Prosperity Wealth Management Inc. acquired a new stake in Bank of America during the 1st quarter worth $998,000. Alpha Cubed Investments LLC raised its stake in Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after acquiring an additional 17,619 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in Bank of America by 170.5% during the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock worth $9,951,000 after acquiring an additional 150,299 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.3%

BAC stock opened at $46.15 on Tuesday. The company has a market cap of $341.85 billion, a P/E ratio of 13.50, a P/E/G ratio of 1.79 and a beta of 1.31. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31. The company's 50-day moving average price is $46.47 and its 200 day moving average price is $43.74. 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 results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) 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 company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the prior year, the firm earned $0.83 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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 given a $0.28 dividend. This is a boost from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's dividend payout ratio (DPR) is presently 30.41%.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BAC shares. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Piper Sandler dropped their price objective on shares of 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. Barclays dropped their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Argus dropped their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $50.13.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider owned 223,407 shares of the company's stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Bank of America 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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