Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 43.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 340,529 shares of the financial services provider's stock after selling 260,317 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Bank of America were worth $14,210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its stake in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Capital World Investors lifted its stake in shares of Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Northern Trust Corp increased its position in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. Bank of New York Mellon Corp increased its position in Bank of America by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock valued at $2,521,218,000 after buying an additional 803,570 shares in the last quarter. Finally, Deutsche Bank AG increased its position in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock valued at $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on BAC. UBS Group boosted their target price on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Piper Sandler decreased their target price 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. Keefe, Bruyette & Woods decreased their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. The Goldman Sachs Group boosted their target price on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Citigroup boosted their price objective on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $50.13.
View Our Latest Stock Report on BAC
Insider Activity
In other news, insider James P. Demare sold 148,391 shares of the company'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 transaction, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.
Bank of America Trading Up 2.5%
NYSE:BAC opened at $46.03 on Monday. The company has a market cap of $340.94 billion, a P/E ratio of 13.46, a P/E/G ratio of 1.79 and a beta of 1.31. The stock's fifty day moving average price is $46.43 and its two-hundred day moving average price is $43.74. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $49.31. 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 (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 earnings per share. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.
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 given a dividend of $0.28 per share. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio (DPR) is currently 30.41%.
Bank of America declared that its board has authorized a stock repurchase program 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 buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its stock is undervalued.
Bank of America Company Profile
(
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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