Coppell Advisory Solutions LLC Decreases Stock Holdings in Bank of America Corporation $BAC

Key Points

• Coppell Advisory Solutions LLC reduced its holdings in Bank of America Corporation by 17.0%, owning 39,338 shares worth approximately $1.57 million at the end of the first quarter.
• Bank of America has announced a quarterly dividend increase to $0.28 per share, up from the previous $0.26, with a dividend yield of 2.3%.
• The financial services provider's stock is currently trading at $49.69, having a twelve-month range between $33.06 and $50.92, with a market capitalization of $368.07 billion.

Coppell Advisory Solutions LLC decreased its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 17.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,338 shares of the financial services provider's stock after selling 8,064 shares during the period. Coppell Advisory Solutions LLC's holdings in Bank of America were worth $1,573,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Deutsche Bank AG grew its holdings in Bank of America by 45.1% during 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. Theleme Partners LLP bought a new position in shares of Bank of America during the 4th quarter valued at approximately $263,449,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Bank of America by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider's stock valued at $1,981,816,000 after purchasing an additional 5,092,504 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Bank of America in the fourth quarter worth $217,979,000. Finally, GAMMA Investing LLC raised its stake in Bank of America by 4,414.4% during the first quarter. GAMMA Investing LLC now owns 4,654,022 shares of the financial services provider's stock valued at $194,212,000 after purchasing an additional 4,550,930 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on BAC. Truist Financial lifted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Citigroup increased their price target on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, June 26th. HSBC cut Bank of America from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Phillip Securities lowered shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, July 25th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.39.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction dated 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 sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company's stock.

Bank of America Trading Down 0.2%

NYSE:BAC traded down $0.13 during midday trading on Wednesday, hitting $50.17. The stock had a trading volume of 31,674,616 shares, compared to its average volume of 34,777,764. The stock has a 50-day moving average of $48.03 and a 200 day moving average of $44.15. The company has a market capitalization of $371.57 billion, a price-to-earnings ratio of 14.70, a PEG ratio of 1.95 and a beta of 1.34. Bank of America Corporation has a one year low of $33.06 and a one year high of $50.92. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations 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 revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.83 EPS. As a group, sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. 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 currently 32.75%.

Bank of America declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.