Dogwood Wealth Management LLC Lowers Position in Bank of America Corporation $BAC

Key Points

• Dogwood Wealth Management LLC significantly reduced its position in Bank of America by 94.9% in the 2nd quarter, leaving it with only 818 shares valued at $39,000.
• Multiple institutional investors, including Bank of New York Mellon Corp and Deutsche Bank AG, increased their holdings in Bank of America during the same period, indicating a mixed sentiment among institutional investors.
• Bank of America raised its quarterly dividend to $0.28 per share and announced a $40 billion share buyback plan, reflecting management's belief that the stock is undervalued.

Dogwood Wealth Management LLC lowered its holdings in Bank of America Corporation (NYSE:BAC) by 94.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 818 shares of the financial services provider's stock after selling 15,184 shares during the period. Dogwood Wealth Management LLC's holdings in Bank of America were worth $39,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Bank of New York Mellon Corp raised its holdings in shares of 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 acquiring an additional 803,570 shares in the last quarter. Deutsche Bank AG increased its position in shares of 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 purchasing an additional 14,960,086 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. Dimensional Fund Advisors LP increased its position in shares of Bank of America by 0.6% during 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 last quarter. Finally, National Pension Service increased its position in shares of Bank of America by 2.4% during 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 purchasing an additional 300,944 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BAC. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Wells Fargo & Company increased their price objective on Bank of America from $56.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Truist Financial increased their price objective on Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Finally, Evercore ISI raised their price target on Bank of America from $49.00 to $55.00 and gave the stock an "outperform" rating in a research report on Tuesday. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $52.63.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm's 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 transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by insiders.

Bank of America Price Performance

Shares of BAC stock opened at $51.58 on Wednesday. The firm has a market cap of $382.05 billion, a P/E ratio of 15.08, a P/E/G ratio of 2.03 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 business's 50 day moving average price is $49.24 and its 200-day moving average price is $45.09. 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 data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company earned $0.83 EPS. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was 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 32.75%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are 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.

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