Fiduciary Family Office LLC Takes Position in Bank of America Corporation (NYSE:BAC)

Key Points

• Fiduciary Family Office LLC has acquired a new stake in Bank of America Corporation (NYSE:BAC), purchasing 35,569 shares valued at approximately $1.48 million.
• Bank of America recently announced an increase in its quarterly dividend to $0.28 per share and initiated a $40 billion share repurchase plan.
• As of now, institutional investors own 70.71% of Bank of America's stock, reflecting strong confidence in the company's future performance.

Fiduciary Family Office LLC acquired a new stake in Bank of America Corporation (NYSE:BAC) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,569 shares of the financial services provider's stock, valued at approximately $1,484,000.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its holdings in shares of 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 valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in shares of 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 valued at $37,797,000 after purchasing an additional 226,246 shares during the last quarter. FIL Ltd lifted its holdings in shares of Bank of America by 16.4% during the fourth quarter. FIL Ltd now owns 583,275 shares of the financial services provider's stock valued at $25,635,000 after purchasing an additional 82,271 shares during the last quarter. F M Investments LLC lifted its holdings in shares of 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 valued at $4,753,000 after purchasing an additional 33,787 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Bank of America by 24.7% during the fourth quarter. Covestor Ltd now owns 2,980 shares of the financial services provider's stock valued at $131,000 after purchasing an additional 591 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BAC. Piper Sandler reduced their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Cfra Research upped their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. HSBC lowered Bank of America from a "buy" rating to a "hold" rating and upped their price target for the company from $47.00 to $51.00 in a research report on Monday, July 7th. Finally, Citigroup upped their price target 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.13.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.03 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market cap of $340.94 billion, a price-to-earnings ratio of 13.46, a P/E/G ratio of 1.74 and a beta of 1.31. The business's 50-day simple moving average is $46.43 and its 200-day simple moving average is $43.77. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31.

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 EPS 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 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 firm's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.83 EPS. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced 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 of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.4%. Bank of America's payout ratio is 30.41%.

Bank of America announced that its board has initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at Bank of America

In other Bank of America 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 sale, the insider owned 223,407 shares of the company's stock, valued at $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. 0.30% of the stock is owned by company insiders.

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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