Bank of America Corporation $BAC Shares Sold by DCM Advisors LLC

Key Points

• DCM Advisors LLC reduced its stake in Bank of America Corporation by 7.0%, now holding 186,684 shares valued at approximately $7.73 million, making it the company's 10th largest holding.
• Bank of America announced a dividend increase from $0.26 to $0.28 per share, reflecting a dividend yield of 2.3% with a payout ratio of 32.75%.
• Several analysts have raised their price targets for Bank of America, with a consensus rating of "Moderate Buy" and an average target price of $50.39.

DCM Advisors LLC decreased its position in Bank of America Corporation (NYSE:BAC - Free Report) by 7.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,684 shares of the financial services provider's stock after selling 13,972 shares during the quarter. Bank of America accounts for approximately 4.1% of DCM Advisors LLC's holdings, making the stock its 10th largest holding. DCM Advisors LLC's holdings in Bank of America were worth $7,733,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in shares of Bank of America by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock worth $2,521,218,000 after buying an additional 803,570 shares in the last quarter. Deutsche Bank AG lifted its stake in Bank of America by 45.1% in the first 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Bank of America by 12.7% in the 4th 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 buying an additional 5,092,504 shares during the last quarter. Amundi increased its position in shares of Bank of America by 3.7% during 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 last quarter. Finally, Dimensional Fund Advisors LP increased its holdings 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 worth $1,333,351,000 after acquiring an additional 188,638 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 0.2%

BAC traded down $0.13 on Wednesday, reaching $50.17. The company's stock had a trading volume of 31,674,616 shares, compared to its average volume of 34,777,764. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market cap of $371.57 billion, a price-to-earnings ratio of 14.67, a price-to-earnings-growth ratio of 1.95 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $50.92. The business's 50 day moving average is $48.06 and its 200 day moving average is $44.19.

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, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million for 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 firm's revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.83 EPS. As a group, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given 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 positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is 32.75%.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Truist Financial boosted their price objective on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Morgan Stanley boosted their price objective on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Citigroup raised their target price on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Finally, Robert W. Baird restated a "neutral" rating and set a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $50.39.

About Bank of America

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.