Dakota Wealth Management Sells 8,232 Shares of Bank of America Corporation $BAC

Key Points

• Dakota Wealth Management has decreased its stake in Bank of America by 3.3%, selling 8,232 shares, and now holds 240,400 shares valued at approximately $11.4 million.
• Bank of America recently authorized a $40 billion share buyback program, indicating confidence in the stock's valuation.
• The company has raised its quarterly dividend from $0.26 to $0.28, reflecting a dividend yield of about 2.2%.

Dakota Wealth Management reduced its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 3.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 240,400 shares of the financial services provider's stock after selling 8,232 shares during the quarter. Dakota Wealth Management's holdings in Bank of America were worth $11,376,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BAC. Bank of New York Mellon Corp grew its stake in Bank of America by 1.3% in the first 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 purchasing an additional 803,570 shares in the last quarter. Deutsche Bank AG boosted its stake 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 purchasing an additional 14,960,086 shares during the period. Amundi boosted its stake in Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider's stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP boosted its stake in Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider's stock valued at $1,333,351,000 after purchasing an additional 188,638 shares during the period. Finally, National Pension Service raised its holdings in Bank of America by 2.4% in the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider's stock valued at $541,250,000 after acquiring an additional 300,944 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was 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. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.30% of the company's stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $51.67 on Thursday. The stock has a market cap of $382.69 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 2.01 and a beta of 1.34. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The stock has a fifty day moving average of $48.87 and a 200-day moving average of $44.73. 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 (NYSE:BAC - Get Free Report) last issued its quarterly 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the company posted $0.83 earnings per share. The company's revenue was up 4.3% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America's dividend payout ratio (DPR) is 32.75%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an "outperform" rating in a research report on Monday, June 30th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Finally, Truist Financial upped their target price on Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a research report on Tuesday. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $50.92.

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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