Corebridge Financial Inc. Has $61.63 Million Stake in Bank of America Corporation $BAC

Key Points

• Corebridge Financial Inc. has reduced its holdings in Bank of America by 3.7%, selling 57,401 shares and bringing its total ownership to approximately $61.6 million.
• Bank of America recently announced a $40 billion stock buyback program, indicating that management believes its stock is undervalued, while also increasing its quarterly dividend from $0.26 to $0.28.
• The bank's most recent earnings report revealed an EPS of $0.89, which exceeded analysts' expectations, and a year-over-year revenue growth of 4.3%.

Corebridge Financial Inc. decreased its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,476,816 shares of the financial services provider's stock after selling 57,401 shares during the quarter. Corebridge Financial Inc.'s holdings in Bank of America were worth $61,628,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in BAC. Continuum Advisory LLC lifted its position in shares of Bank of America by 1.4% in the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after acquiring an additional 237 shares in the last quarter. Menard Financial Group LLC lifted its position in shares of Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after acquiring an additional 240 shares in the last quarter. Maia Wealth LLC lifted its position in shares of Bank of America by 1.4% in the 1st quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider's stock valued at $723,000 after acquiring an additional 240 shares in the last quarter. Northern Financial Advisors Inc lifted its position in shares of Bank of America by 1.8% in the 1st quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider's stock valued at $600,000 after acquiring an additional 252 shares in the last quarter. Finally, Bank of Jackson Hole Trust lifted its position in shares of Bank of America by 1.4% in the 1st quarter. Bank of Jackson Hole Trust now owns 18,053 shares of the financial services provider's stock valued at $832,000 after acquiring an additional 257 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Transactions at Bank of America

In related 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 transaction, 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 transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.30% of the company's stock.

Bank of America Stock Up 0.3%

Shares of Bank of America stock traded up $0.18 during midday trading on Wednesday, reaching $50.43. 42,416,710 shares of the company's stock traded hands, compared to its average volume of 34,639,784. The company has a market cap of $373.50 billion, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 1.95 and a beta of 1.31. The company's 50 day simple moving average is $47.28 and its 200 day simple moving average is $43.87. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.63.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results 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. The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 EPS. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has initiated a share repurchase plan 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 repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is 30.41%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Morgan Stanley upped their price target on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research report on Monday, June 23rd. HSBC downgraded shares of Bank of America from a "buy" rating to a "hold" rating and increased their target price for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Phillip Securities downgraded shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. Finally, Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $50.13.

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.