Fayez Sarofim & Co Has $2.08 Million Position in Bank of America Corporation (NYSE:BAC)

Key Points

• Fayez Sarofim & Co reduced its holdings in Bank of America (NYSE:BAC) by 38.6%, now owning 49,844 shares valued at approximately $2,080,000.
• Insider James P. Demare sold 148,391 shares of Bank of America stock for over $6.7 million, resulting in a 39.91% decrease in his ownership.
• Bank of America announced a $40 billion stock repurchase plan, indicating confidence in its valuation, alongside a new quarterly dividend of $0.28 per share, up from $0.26.

Fayez Sarofim & Co lessened its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 38.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,844 shares of the financial services provider's stock after selling 31,353 shares during the period. Fayez Sarofim & Co's holdings in Bank of America were worth $2,080,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Brighton Jones LLC increased its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG grew its stake in Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after buying an additional 226,246 shares during the period. FIL Ltd grew its stake in Bank of America by 16.4% during the fourth quarter. FIL Ltd now owns 583,275 shares of the financial services provider's stock worth $25,635,000 after buying an additional 82,271 shares during the period. Martingale Asset Management L P grew its stake in Bank of America by 47.0% during the fourth quarter. Martingale Asset Management L P now owns 219,676 shares of the financial services provider's stock worth $9,655,000 after buying an additional 70,264 shares during the period. Finally, F M Investments LLC grew its stake in Bank of America by 45.4% during the fourth quarter. F M Investments LLC now owns 108,153 shares of the financial services provider's stock worth $4,753,000 after buying an additional 33,787 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, 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 document filed with the SEC, which is accessible through this link. Company insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Truist Financial upped their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Cfra Research upped their target price on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Finally, Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $50.13.

Bank of America Price Performance

BAC traded up $1.11 on Friday, reaching $46.03. The company had a trading volume of 37,117,565 shares, compared to its average volume of 37,639,604. The company has a fifty day moving average of $46.43 and a 200-day moving average of $43.77. The company has a market capitalization of $340.94 billion, a P/E ratio of 13.46, a PEG ratio of 1.74 and a beta of 1.31. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a one year low of $33.06 and a one year high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates 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 was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.83 EPS. As a group, 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 of Directors has approved a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is a positive change 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 dividend yield of 2.4%. Bank of America's payout ratio is 30.41%.

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.